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Robert J. Kravitz

A Collector’s Guide

Postage

Fractional

Currency

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Denlt's of Boston

Fractional Currency Specialist

Builder of Quality and Rare Collections

Only three people have ever had a complete collection of Regular Issue
Fractional Currency: Martin Gengerke, Mike Goldman and Tom O’Mara.

When the Gengerke Collection was sold, Denly’s was there to buy the
rarest notes to help Mike Goldman finish his full set.

Then, when Mike sold his collection, Denly’s was there again to buy the
rarest notes, and to help Tom O’Mara to become only the third person
to have a complete set of Regular Issue Fractionals.

Please call lb for any of your Fractional Currency needs.

Denly’s of Boston

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Box 51010

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Boston, MA 02.2.05

Phone: 1-617-482^8477
Orders only: 1-800-HI-DENLY

Robert J. Kravitz

A Collector/s Guide

Postage

Fractional Currency

The Pocket Change of The Union Army

Arkives Press

San Francisco

International Copyright
©Robert J. Kravitz

All rights reserved. Printed in the United States of America. No part of this book
may be used or reproduced in any manner whatsoever without written permis¬
sion except in the case of brief quotations embodied in critical articles and
reviews. For information address:

The Arkives Press
Box 46

Wilton, Ca 95693

Library of Congress Cataloging-in-Publication Data

Kravitz, Robert J.

Fractional Currency
The Pocket Change of the Union Army

1st Edition

Includes bibliography and index

ISBN Hardcover: 0-918501-47-4
Trade Paper: 0-918-501-46-6

1. Collecting 2. United States History
3. Numismatics, 4. Currency 5. Civil War
6. Philately
I. Kravitz II. Title
LC#: Pending

Published by Arkives Press

A Division of

Harrison Media Associates

Milton Friedberg
Martin Gengerke
Wayne Liechty
Mike Marchioni
Mart Delger
Gerald Hoffman
Dr. Henry Scheuermann
Frank Harris
Dr. Wally Lee
Phil DeRosa

and other major collections
offered confidentially

When the very finest collections of
Fractional Currency formed in the
1960s, 70s, and 80s were sold at
public auction,

Currency Auctions of America
was chosen.

No Exceptions!

Len Glazer, at Ext. 390
Len @ CurrencyAuction.com
CAA Consignments

Allen Mincho, at Ext. 327
Allen @ CurrencyAuction.com

Call Today!
1-800-US COINS
1-800-872-6467

Kevin Foley, at Ext. 256
KFoley@CurrencyAuction.com
CAA Consignments

Jason W. Bradford, at Ext. 280
JBradford@CurrencyAuction.com
CAA Consignments

HERITAGE

CURRENCY AUCTIONS OF AMERICA

Heritage Plaza ■ 100 Highland Park Village ■ Dallas, Texas 75205-2788

www.CurrencyAuction.com ■ www.HeritageCoin.com

Table of Contents

Credits .xi

Acknowledgments .xn

Foreword.xiii

About the Author .xiv

Preface .xix

Part One: Introduction & History

I. Introduction.1

What to Look For.4

Guide to Rarity.7

II. History.11

The Pocket Change of the Union Soldier.11

The First Bank Notes. 12

Order of Issue at-a-Glance.13

Issue Details.15

Third Issue.19

Fourth Issue.26

Fifth Issue.27

Public Specimen Sets.29

Faces on the Notes.30

Part Two: Grading & Pricing

III. Catalog. 37

A Few Tips Before You Start Your Collection.37

First Issue

Five Cent Postage Currency.39

Ten Cent Postage Currency.40

Twenty-Five Cent Postage Currency.41

Fifty Cent Postage Currency.42

Second Issue

Five Cent Postage Currency - Washington.43

Ten Cent Postage Currency - Washington.45

Twenty-Five Cent Postage Currency - Washington.47

Fifty Cent Postage Currency - Washington.49

Third Issue

Three Cent Postage Currency - Washington.51

Five Cent Postage Currency - Clark.52

Ten Cent Postage Currency - Washington.54

Twenty-Five Cent Postage Currency - Fessenden.56

Fifty Cent Postage Currency - Justice.59

Fifty Cent Postage Currency - Spinner.67

Ten Cent Postage Currency - Liberty.74

Vlll

Fourth Issue

Fifteen Cent Postage Currency - Columbia.76

Twenty-five Cent Postage Currency - Washington.77

Fifty Cent Postage Currency - Lincoln.78

IV. Specimens.87

First Issue

Five Cent.88

Ten Cent.89

Twenty-Five Cent.90

Fifty Cent.91

Second Issue

Five Cent.92

Ten Cent.93

Twenty-Five Cent.94

Fifty Cent.95

Third Issue

Three Cent.96

Five Cent.99

Ten Cent.100

Ten Cent.101

Fifteen Cent - Grant/Sherman.102

Twenty-five Cent.105

Fifty Cent - Justice. 107

Fifty Cent - Spinner.109

V. Experimentals.112

VI. Fractional Currency Shields.113

VII. Counterfeits and Counterfeiting.114

VIII - Fractional Currency Presentation Books.115

IX - Original Bundles.118

X - First Issue Sheets.119

XII - Errors.120

Appendix I - Treasure.124

Appendix II -Type Set 1.126

Appendix III - Quantity of notes Issued.128

Glossary.131

Bibliography.133

Auction Catalogs and Retail List.134

Currency Shows.135

Index.137

Index of Advertisers.140

Notes.141

Credits

This book could not have been completed without the pioneer¬
ing efforts of several authors. A full bibliography appears in

the rear matter, but several contributors stand out as follows:

■«

Permission Granted for the use of the term “Fr.” for Friedberg
Numbers published in Paper Money of the United States, The
Coin and Currency Institute and Krause Publications.

Permission also granted for the use of the term “KL” for the
Krause-Lemke numbering system as used in the book, Stan¬
dard Catalog of United States Paper Money.

Thanks also to Milton R. Friedberg for permission to use his
numbering system denoted, “Milt#” as used in his reference
book, The Encyclopedia of United States Fractional & Postal
Currency.

I am also indebted to Jerry Fochtman for compiling his CD of
color pictures of fractional notes.

Acknowledgments

I would like to thank the many people who have
encouraged me in this endeavor over the years.

Special Thanks to Erik P. Newman for the use of his amazing
library in the late 1960s. when I was just starting with Fraction-
als. I learned a lot and am still learning everyday because of
that experience.

Marlin Kravitz, Tom Kolbrener and Barry Faintich for their
early encouragement.

Ray Ellenbougen for his guidance and wisdom and of course
Milton Friedberg for his Herculean work on Fractionals and for
being the best at helping the world identify every single note.

Len Glazer deserves a big thanks for keeping the fractional
market alive during the past 2 decades and for his personal help
and guidance over the years.

Mike Marchioni for his unparalleled knowledged of the true
rarities and high grade notes.

Hank Harrison and Catriona Watson at Arkives Publishing, for
making it possible.

Cheries Schoeps for translating my early scribbling into read¬
able information.

Thanks also to Don Kagin, Judy Kagin, Benny Bolin, Louis De
Santis, Howard Cohen, Jerry Fochtman, Rick Melamed, Tho¬
mas F.X. O’Mara, Art Paradis, T.C. Clark, Martin Gengerke,
Jerry Hoffman, The Musk, and John and Nancy Wilson.

Xll

Foreword

In many instances, coin and currency dealers make a transition
from collector/hobbyist to dealer, Rob Kravitz was no excep¬
tion. Rob began collecting fractional currency in the mid
1960s, managed a coin shop in St. Louis in the 1970s, worked
at his father’s auto parts store and, for a brief period in his life,
was a professional foosball (table soccer) player. When, in
1976, he decided to become a professional currency and coin
dealer, his fractional currency collection comprised a large
portion of his inventory.

I first met Rob at the 1977, International Paper Money Show in
Memphis, Tennessee. As I recall, at 9:00 am, people were lined
up twenty deep at the RiVermont Holiday Inn. As I made my
way through the displays in search of currency dealers I recog¬
nized, I viewed the stock of Ted Kemm, Don DeVore and Len
Glazer. Finally, I came to a table with an extensive array of
high-quality fractional currency, but a dealer whom I did not
recognize - Robert Kravitz. After spending about a half hour
viewing Rob’s stock, I chose a note that was missing from my
regular issue collection. I asked Rob if the listed price was
what he wanted for the note, and he kindly responded that he
could discount the note by ten percent. I happily accepted his
offer and quickly became the new owner of the finest known,
Fr. 1286, inverted “S”.

A Collector's Guide to Fractional Currency

Through the years, Rob has been one of the mainstays among
fractional currency dealers. Even during the doldrums of the
fractional currency market ( 1983-1994), Rob was still actively
buying and selling fractionals. His reference library and knowl¬
edge level has grown significantly since the early days of the
1970s. His grading skills are among the best of paper money
dealers, and he was selected by the Currency Grading and
Certification (CGC) Service to be one of its fractional currency
graders. Today, he is arguably the premier dealer in high-
quality fractional currency in the United States (my apologies
to Tom Denly, and friends.)

Rob’s first price list and catalog (the Millennia edition) con¬
tained nearly 120 different high-end regular issue fractional
notes and is considered by many collectors as a “must have”
reference work for price and grade information. I particularly
liked the color cover, since several of the notes pictured were
purchased by Rob from the January, 2000, CAA sale of my
collection.

For a few years, I’ve prodded Rob to write a clear, concise,
collector’s guide to fractional currency, a book that is as easily
read as Rothert’s pioneer work (but without the errors), goes
beyond the basics provided in Robert Friedberg’s book, is less
complex than Milt Friedberg’s encyclopedia, and contains
accurate, rarity-to-grade price listings. I’m thrilled that Rob has
succeeded in providing the collecting public, both beginner and
advanced, with a reference work that fills the void.

Michael R Marchioni, Ph.D.

Authors Note:

Michael Marchioni’s collection was sold January 7, 2000. The
collection was one of the most complete and highest grade
collections ever assembled. Mike still enjoys buying high grade
Fractionals by doing auction representations and helping others
to build quality collections.

He was chosen to be the other Fractional Currency Grader for
Currency Grading and Certification. Inc, the premier grading
house in America. He has been collecting and selling Fraction¬
als since 1967.

RJK

xiv

About the Author

I sold my first Fractional Currency collection in 1976. I’d been
collecting since 1965.1 knew very little about currency, coins
or collecting in those days and I knew nothing about selling
notes. My Grandfather gave me my first note as a birthday gift.
When I asked grandpa who was depicted in the note he jok¬
ingly said, “That’s Bob Hopes Dad.” Gullible, I believed him. I
took it to three coin stores before I found out he was pulling
my leg. The note was genuine, but Bob Hope’s father was not
on the note. In fact Bob Hope was born in England and this
note depicted William Crawford the secretary of the treasury in
early eighteen hundreds... but he did look a little like Bob
Hope.

From 1965 to 1971,1 worked in the family auto parts store, but
my Dad let me go because my hair was too long and I refused
to get it cut. From 1971 to 1974,1 was lucky enough to land a
job managing the Coin Place in St. Louis and that’s were the
collecting bug really struck home. It was a great challenge
answering all those questions and helping people make selec¬
tions in coins and currency. I was fascinated and remain fasci¬
nated to this day.

For a time, I was making a living playing table soccer, popu¬
larly known as Foosball and Pro-Foosball. This is that hard
hitting parlor game popular in restaurants and arcades, the one
with the handles out the sides of a deep well table. Some guys

A Collector's Guide to Fractional Currency

won Corvettes in those day and the game is still played around
the world. I was making $200-$500 per week, just playing
Foosball, but it dawned on me the Foosball racket wasn’t what
I would call a, “Steady Gig. But by investing my winnings in
coins and currency I could see an interesting future selling mail
order and at shows. Len and Jean Glazer were already doing
this, so I knew it would work. I sent out my first price list,
comprising 99 different notes, in May, 1976.

From then on I remained in the business of selling Fractional
Currency even when I moved to the West Coast and started
selling auto parts again.

It was an honor to be on the floor at the first Paper Money
show in Memphis, June, 1977, but I was still a little wet behind
the ears. I sold Mike Marchioni a nice note in great shape for
$40.00. Twenty years later, Mike told me that note was a rare
inverted “S”, type. I quickly looked it up and discovered that
the note was worth $2,800.00, on today’s market. That’s when I
realized a modern and updated price guide needed to be pub¬
lished. We live and learn. I hope you can learn from my mis¬
takes.

As you move through the book I hope you will learn the pro¬
fessional terms and the catalog reference codes that will help
you identify the notes you have in your collection. I also hope
you can use my book to evaluate the condition and potential
prices of your notes.

Thanks for your interest
RJK

xvi

U.S. Fractional Currency

Call, Write or E-Mail:

Rob's Coins o Currency

P.O. Box 303
Wilton, CA 95693

916-687-7219

robsfractional@aol.coM

Robert J. Kravitz, SPMC LM Z94 • ANA LM 53^1

XVII

Preface

Most people, even highly educated people, are surprised when
they discover that paper money in small denominations was a
direct result of the Civil War. In fact, postage stamps were once
used as currency but the stamps were too small and difficult to
use, so, in the Civil War, a new kind of paper money called
“Postage Currency” was issued by the Union Government to
take the place of the increasingly valuable copper, silver and
gold coins that had been popular in America since Colonial
times. The metallic coinage, especially silver and gold became
so valuable that certain avaricious citizens, bankers and oppor¬
tunists, began to hoard them. These private caches became so
large that coinage, as known in the mid 19th century, was
almost wiped out.

As war approached the public became more insecure and the
economy was again impacted by the disappearance of metal
coinage. The average family held back coins and started stash¬
ing them in the barn or in the sock drawer, not out of greed, just
as a hedge against future collapse. Many folks in the North
thought the South might win. The issuance of paper money
helped save the economy of the North by making it possible to
do every day business without metal coins. Something similar
happened in the South and today all of the monetary examples
are fervently collected. Needless to say, most of the substitute
or surrogate monies, be they coins, wooden nickels stamps or
bits of old coffee cans, are valuable and increasing in value.

xix

A Collector's Guide to Fractional Currency

Most experts agree that the first
postage currency in the North was
issued by an army paymaster in
Philadelphia, Pennsylvania. If you
were to sort the contents of a
Northern soldiers pockets in late
August, 1862, you might be sur¬
prised to find no coins, a wallet
containing a family picture per¬
haps, but you would also surely
find an odd assortment of colored
bits of paper with numbers and
writing printed on them. These
strange objects, fractional currency,
allowed the soldiers to buy the
necessities of life, and, provide for
their families, but everyday civil¬
ians also used the fractionals to buy
staples and goods. John S. Knox, in
his history of Greenback, said:

“The little notes were stuffed into
the trouser pocket of the soldier,
with the his pen knife, cartridges, a
plug of tobacco, and other handy
articles

In this way fractional currency
became an important part of the
civil war. These colorful notes saw
duty at all the major battlefields of the Civil War including
Gettysburg, Bull Run, and Shiloh and this kind of money was
soon adopted by the public.

A typical pocket change during
the Civil War, containing, Civil
War tokens, encased postage,
Fractional Currency, gold
nuggets and obsolete currency.

We Need a New Book!

For the past thirty years, and especially since the turn of the
Millennium, customers and friends have been urging me to put
out my own book on Fractionals. Today’s prices on fractional
and postage currency are set by men and women who have
been in the field for years, dealers who use well established
numismatic criteria to evaluate the examples and they tradition¬
ally use rarity and condition as two major criteria.

The condition of a note is not always obvious, some are border¬
line, with very subtle differences between a clean note and a
“not so clean example. And it can be graded by experts, but the
rarity is established by historical research, by going back to the
record books and deciphering just how many were issued and

Preface

how many show up at dealers exhibits and shows. When one
compares rarity, condition and price, it becomes quite clear that
almost perfect notes are hard to find. These are called Gem
quality notes and the next step below Gem is CHCU for
“Choice Uncirculated.” We will discuss the entire grading
system later, but for now let’s just understand that notes in this
condition are a great value and may increase in value every
year, faster than gold in an inflationary market. The word is
now out thanks to eBay and other outlets. Many new collectors
are on the prowl for bargains.

How can I say this for sure? Well for one thing the subscription
rate to Banknote Reporter is up significantly and the membership
is also up in the Fractional Currency Collectors Board which is
the club for Fractional Currency collectors. (See List)

The rise in value of Fractionals has recently been driven, by
several phenomena. First, most of the older collections have
been broken up or sold intact at auctions and estate sales over
the past decade. The old guard is passing on the lamp, as it
were. Secondly, most serious new collectors are fairly young
and will not be selling for many years to come. This has a
tendency to slow down the market for the more pristine items,
especially the rarities. It is thus, increasingly difficult to obtain
high grade or rare fractionals. Fewer Gems and quality rare
notes are coming up for sale and when they do their value is
market driven. Not only is there a great increase in the number
of fractional note collectors, there has also been a large increase
in the number of dealers stocking fractionals. But who can
afford to buy these things? Well, that suiprises me too. The
Gem quality items made be hard to find, but great examples of
many notes still exist at reasonable prices.

I’m writing this book in hopes of clarifying the controversies
surrounding these notes and this field of collecting, but I repeat,
obtaining a specific fractional note in Gem or CU condition,
has become quite a challenge, even for well established collec¬
tors with contacts far and wide.

Later on you will see the catalog designations and current
prices laid out in tabular form, but for now let me simply quote
a few examples of rarity. In the most prominent case, the 500,
fourth issue Crawford note (Catalog # Fr. 1381) is common, but
not usually found in a pristine version. A couple of years ago, it
took me six months to find a true Gem “Crawford” to complete
a twenty-three piece set. Also, the 500, fiber paper, autographed
signature, red back, Justice note (catalog # Fr. 1357 ) is very
scarce, they come up for sale maybe once per year. There are

xxi

A Collector's Guide to Fractional Currency

now only twenty three uncirculated
notes of this number known, and only
one in Gem. So, if you want to put a
Gem, forty-three piece set together,
you’ll have to settle for a “filler” of
lesser quality or come up with a magic
wand and a fistful of modern dollars.

Another example is the 250, third issue,

(Catalog # Fr. 1296,) of which there are
only twelve notes known. I know where
ten of them are, and these collectors
have no plans to sell any of them in the
near future. According to treasury
records, this leaves only two notes that
may, someday, make it to market. The
last one I sold was in Gem condition two
years ago and fetched $4,200.00. Com¬
paratively, if this large size note came up
for sale today, in Gem, it could go under the gavel for $100,000
in a highly contested auction.

Oh yes, I forgot to warn beginners .. .collecting fractionals has
become more than a hobby. In fractionals, there are many
different sizes, colors and denominations. Some are even
signed by hand. Some are rated as having only twenty five
extant examples, and others appear only in the Smithsonian
Institute in Washington, D.C. Now you would think most of
these would be pricy, but as of this writing I can point you to
several major bargains still outstanding. Many of these rarities
will gain in value in leaps in bounds regardless of condition.
Remember most of these notes disintegrated as they were
marched to the battlefield and used until they could no longer
be read by the banks. Others remain in large collections, but
there are still thousands of collectable examples floating
around. And that my friends is why we need a new book, one
that covers all the bases.

Artists impression of a Typical Civil
War camp scene, probably
published in Harper’s Weekly.

XXII

Part One
Introduction

History

I. Introduction

A Collector's Guide To Postage o
Fractional Currency

I designed this book with a built in checklist to be of use to
both novice and expert collectors. In addition I hope it will
shed some light on the history of Fractional Currency in the
Civil War era and beyond. The facts contained in it are based
on my research and experiences as a fractional currency dealer
for over thirty years. The book is also intended to act as an
accurate price guide and catalog to the regular issue notes in all
the grades, colors and variations.

Sleepers

While still in the planning stages I realized there were no books
designed to cover those enigmatic notes known as “Sleepers.”
These are notes which are very tough to find and are usually
undervalued, especially in the higher grades so I combined
them in a rarity guide to each note.

Errors

Every time I attend a show or exhibit I hear a new story about a
note containing a mistake that slipped by the printing office.
Notes with mistakes in the paper or ink, in the picture or
engraving are called “Errors.” These notes differ from the
regular notes in that they may display inverted backs and

A Collector's Guide to Fractional Currency

surcharges or strange plate numbers all of which tend to make a
note very rare and collectable. These errors can be seen in
postage stamps and coins as well as paper currency and the
value is always higher when an error is encountered. But, when
is an error not an error. Unfortunately, many on-line dealers,
especially those on eBay, will call a poorly cut note an error
when it is nothing more than a misaligned and lower grade
note. These subjectively grades notes are of inferior quality and
should always go for lower prices.

Pricing

Finally, since no detailed and objective price guide has been
published for all eight grades, I included a comprehensive
guide to grading and pricing for use in every day collecting. To
help the home-brew grading process along I have included a
comprehensive checklist in the appendix of this book. This
page can be copied and scanned as often as needed for each
part of your collection. The beginner can learn a great deal
from this approach and I hope the book will also be trusted by
experts and advanced collectors.

Specimens

Fractional currency is the only field of currency collecting in
which specimen notes (printed only on one side) are still
available and affordable. They are rare enough to be interesting,
and for now, they remain undervalued. For example, there were
only 9,016 Grant/Sherman 150 specimen notes printed. As of
1884, only 3,513 were still outstanding. How many can there
be left today? Were they burned in the Chicago fire? They were
printed on a very thin paper, and if mishandled they could
disintegrate. Also, many Grant/Sherman notes were hand
signed by the treasurers and registers of the United States. The
autographed notes are sure to go up in value and yet most are
still very affordable.

Grading

Grading is a subjective—hopefully expert—responsibility and
the price of an entire collection can sometimes hinge upon the
graders evaluation of a single note. Of the two currency grading
services now operating in the United States, only one (Currency
Grading and Certification Inc. of Phoenix, Arizona ) grades
Fractional Currency. There are only two main graders for
fractional currency and I was chosen to be one of them. The
other grader is Mike Marchioni.

Introduction

The following grading categories are based on my assessment
of industry wide standards used in grading Fractional Notes
over the past thirty years. These are not arbitrary ideas, pulled
from thin air, rather they are values based on the judgments of
many collectors and experts.

I keep track of all the Fractionals I grade by measuring the
front margins in millimeters. This technique works best since
no two are cut the same and they often have no serial numbers.

Grading Your Notes

How do I grade a note? Let’s begin with the near impossible.
For the first time I am including a discussion of grades above
Gem. Occasionally the collector will run into a “dream note”
that is perfect in every way. These notes are judged to be so
perfect they are called Gem Plus or Above Gem quality. You
may never encounter one of these “babies,” but its important to
know they exist and how they are graded. Who knows what
lurks in grandma’s attic?

Even with “high grade” fractionals, only 11% of them turn out
to be GEM (also referred to as (MS65). MS stands for Mint
State. The grades above GEM are even more scarce and have to
be graded as MS66 (where only 8% of the specimens can be
found of that grade and MS67 (were just 3% qualify.) In the
ultra clean category we have MS68 which accounts for 1% or
less of the total specimens known. So, in all, only 23% of the
high quality notes sent for grading, are rated GEM or above.

On notes that grade above GEM, it is up to the buyer to determine
if that note is worth the asking price as these can range from 150%
of GEM to 200% of the average GEM prices. I repeat, only you
can decide if the premium price is worth it for your collection.

The grades we use to distinguish notes range as follows:

GEM crisp uncirculated (GEM): An almost perfect note.
Better than average margins with good centering on both sides
for that type of note. Any Gem rating will be tough to obtain
because of the margins problem. Most notes were cut by hand
with scissors so a perfect margin is rare. Gem notes are typi¬
cally close to the margins and the margins are straight and
even. Check your margins first. The note may look great but
will be demoted due to this uneven margin problem.

Choice crisp uncirculated (CHCU): A new note, but not quite
GEM centering. May be a little off I.e., three good margins and
one close margin. Might show very slight aging.

Crisp uncirculated (CU): No signs of circulation. Can have
centering problems, pin holes, counting smudges or wrinkles, but

A Collector's Guide to Fractional Currency

must have no signs of release to the public or extensive handling.

Almost Uncirculated (AU): These notes will be much like
new notes, except for one fold or a couple of corner tip folds.

Extra fine (XF): Circulated. Will have two or three folds and
may show signs of gentle handling, but no dirt or grime.

Very fine (VF): Lightly circulated. Will have four to six folds
and signs of normal wear and tear, but all other points show
clearly. The numbers are clear and the ink and registration is
clearly observable.

Fine (F): Well circulated, with several folds.

Very good (VG): Will be significantly worn, may be soiled,
might have roughness around edges and tears.

What to Look For

Experts have several ways of sorting a good note from one of
less integrity. The following variables are most often consid¬
ered by professional graders.

Centering

A well focussed printing process, also called Centering is very
important. If a note has good centering it will be more valuable
and more desirable than one that is out of registration. Using
the GEM criteria as a judging standard you can easily see that a
note which seems perfect on the front, but has bad margins on
the back will not be GEM. The rear margins may run too close
to one side or they may slice slightly away from vertical. In this
case both sides need to conform to a center target to meet the
GEM criteria.

Color

There is only one term that can describe good color in a frac¬
tional note, “Freshness.” If a note looks bright and unfaded to
the naked eye it can grade higher because the color has re¬
mained fresh for more than one hundred years, and that’s pretty
fresh. Fresh color automatically means the note has not been
handled and was stored in ideal conditions, not too hot, not too
cold or damp. These are conditions one might find in a bank
vault, for example. I have included a color section in this
edition to help determine color on a few exemplary and high-
grade notes.

Perforations

Perforations are important. We only see them on the older first
issue notes. These notes were released with perforations on the

Introduction

The Army of the Potomac, the Picket
Guard. Probably printed originally in
Harper’s Weekly.

edges where they
were issued in
sheets and torn
apart like stamps.
Perforated notes,
to meet the
highest stan¬
dards, must not
only have good
centering on both
sides, but must
have FULL and
clean perfora¬
tions. Sometimes
the perforations
are pulled,
clipped or
trimmed off.

Here again you
must know which
issues had perforations in the first place. In this case you are
looking for what is missing rather than any obvious imperfection.

Processed Notes

Look out for modified notes and notes that may have been
tampered with. This is called “processing” and its a no-no.
These “tweaked” and “messed-with” notes have always been
around, but I have seen more of them, from more collectors,
lately. Some collectors put notes through a horrendous series of
tortures, just to make them seem a grade or two above AU. This
is unethical, probably illegal, and can be destructive. In my
opinion once a note falls below a certain grade it can’t be
upgraded no matter what you do because any “improvements”
in one element will probably take away from the original color
or some other factor, at least to the expert eye. So, don’t be a
sucker. If you are not sure do not buy it!

Detecting a Processed Note: Always look carefully at the notes
before you buy. Don’t buy a choice note unless you absolutely
trust your dealer or can examine it in person. Processing comes in
many forms. Notes can be cleaned with simple bar soap or
bleached. Wrinkles and folds can be pressed or ironed out, pin¬
holes can be filled in and tears can be mended with glue.

Bleaching, starching and pressing notes can actually raise the
grade of a note, at least for an amateur grader, but you cannot
completely get rid of the cleaning agent. Bleach and chemicals

A Collector's Guide to Fractional Currency

will leave a residue in the
fibers and mucilage or other
glues will show up under
magnification., but all of
these practices are detect¬
able with the sniff test. A
good nose is invaluable
here. If the note smells like
bleach its probably a
processed note.

The first U.S. Ironclad, known as the
‘‘St. Louis” and “Baron de Kalb”.

I have commonly seen
notes that have been
pressed with a steam or flat
iron. This is kind of dumb

since the note looks tam¬
pered with to a well trained eye, but people still do it. Some¬
times ironing makes the note look uncirculated, but there are
ways of detecting pressed notes. Many of the people who iron
their notes press only one end to flatten a small fold or short
wrinkle or crease, but it looks fake by comparison to other
areas of the same note. The crease is still there, its just less
obvious. The crease rarely comes out completely and a deeper
look with a magnifier will reveal the old fold.

The Lightbulb Test: Examine the note by holding it up to a
good light source at a 45° angle. Move it back and forth to let
the light shimmer off the note. Do this on both sides and turn it
around to examine it from both ends. The flattened areas or
lines (known as artifacts) will cast a shadow and you will see
them clearly. Pressed out folds usually show up with shiny
lines or cast shadows were the folds once were.

The Curl Test: Lay the note on a clean, dry, flat surface. If the
note curls up on the ends, it has probably been processed. It
didn’t come from the factory that way.

Embossing:

Embossing is a method of raising lettering by pressing paper
with a special die during the printing process. Many later notes
have some degree of embossing on them and most examples
are fairly clear. You should be suspicious of processing if this
embossing is not apparent. If only half of the note is embossed,
be wary of it. Also, as we shall see later, many notes were
printed on stronger fiber paper and they should appear thicker
than their earlier counterparts. This will be discussed in detail
when we look at paper types and the various historical issues.

Introduction

Ethics:

In my opinion, if a note is bleached, cleaned or processed in
anyway, it is permanently damaged. Some hobbyists think they
are preserving the notes by cleaning them, but that’s like
stripping an original finish from an antique chair... you destroy
the real value of any antique when you modify it. Everyone has
seen this demonstrated on the PBS program Antique Roadshow.

Guide to Rarity

Grading is based on the condition of a given note, but rarity is a
statistical term dealing with how many notes are available to
the entire collectors pool. I.e., how many notes are deemed to
exist by experts in the field. This is determined by consensus
and by analysis of government records.

I have included a scarcity and rarity index with each table in
the later part of this book. As each note type is presented you
will see a rarity rating in the left most column, but for now I
think we need simple definition. The following is a list of terms
collectors use to discuss the rarity and commonality of a given
note compared to its “family” or issue type. Reading this list
over several times will help the new collector gain a feel for the
value of the notes.

Very Commori: These are the easiest fractionals to find. Not
only should you be able to find these at all coin and currency
shows, but you will find these notes even at flea markets and
antique stores.

Common: You should be able to find these notes at most coin
and currency shows and reputable shops.

Scarce: You will find some of these at most coin and currency
shows, with a better chance of finding them at the larger shows.

Very Scarce: You might only find these notes at the very large
coin and currency shows or at the paper money shows like the
ones in Memphis or St. Louis.

Rare: Only twenty to thirty notes are known to have survived
the past century. Most of the time, you have to wait for one to
turn up at a major auction. A dealer who specializes in Frac¬
tional Currency would also be a good bet.

Very Rare: Less than twenty known of each. Again, these
usually only show up in major currency auctions, only once in
a purple moon would a dealer have one in stock.

Unique: Only one known. Found only in major auctions and
museums.

A Collector's Guide to Fractional Currency

Obviously the more unique a note is the more valuable it will
be, depending on condition.

Valuations

Evaluations are made by human beings and every body has an
opinion. We try to be objective, but sometimes subjective likes
and dislikes creep in. Generally, pricing is based on retail
prices and/or auction prices realized at the last sale. This
variable changes daily, but can usually be extrapolated via the
Internet or newsletters and magazine. Prices throughout this
book apply to single examples. Evaluations by experts should
reflect retail prices over the last ten years, not wholesale.
Wholesale trades vary widely and sometimes WILDLY when a
hot prospect hits the auctions. But the multi-item nature of
some of these deals, especially when dealing in whole collec¬
tions, can hardly be thought of as a stable price platform. You
can always try to deal wholesale and get a discount, but retail
prices set the standard.

Hand Signed Notes

Yes, you heard me... some of these notes are actually signed
by hand. It’s hard to imagine an important official sitting
around dipping a pen in an ink well 5000 times, but that’s
exactly what happened in several cases. This will be cpvered in
more detail in the historical section, but now we need to learn
how to identify a signed note.

Almost all hand-signed signatures show a brownish tinge.

There is, most of the time, a noticeable contrast between the
dark brown and the dark, jet-black ink of the regular printing.
The engraved signatures all have a uniform color. The hand-
signed notes will always show variations of light and heavy
ink. When a line crosses over another, it will always be thicker
and darker at the intersection of the two lines. When you turn
the note over on a hand-signed note, you will be able to see the
signatures from the back of the note. Sometimes light, some¬
times dark. This will depend in how much of the ink soaked
into the paper.

Also, due to the acid in the inks used for the hand-signed notes,
some cracking or burning through the paper may occur. This
tends to lower the value and grade of the note.

Final Warning

These terms will become more familiar as you go though this
book, but for now just remember to keep an eye out for pro¬
cessing. Processed notes show up everywhere, from Internet

Introduction

auction sites to reputable dealers and collectors. Look over
each note you plan to buy very carefully. Fractionals are such
a specialized subset of the paper money hobby, that many
dealers and auction houses don’t pay a lot of attention to them.
Potentially, all notes are subject to processing. Most that I
have seen are mid-priced ($200.00 to $300.00), although I
have seen some of the rare notes processed.

If you buy a note on the Internet or via mail and, after careful
scrutiny, find that it has been processed, or is not at the grade
advertised, return it for a full refund. All dealers should take
back any suspicious notes for a full refund. In my experience
no sale is final until the customer is satisfied.

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The day after Fay day.

November 2, 1868.
HARPER’S WEEKLY

II. History

The Pocket Change of the
Union Soldier

In the years just before the Civil War, army privates were paid
$11.00 per month, on average. By the end of the war, the same,
theoretical, soldier’s pay was increased to $16.00 per month,
but this did not keep up with “inflation” and the increases in
the cost of goods and services in the civilian world.

In 1860, before the war, boarding houses charged about $1.75
per week. That’s typically two meals a day and a shared room.
By 1865, they were charging $4.00 per week. The price had
more than doubled. In 1860 , a six room family house in
Cincinnati could rent for $8.00 per month, the rent on the same
house had risen to $25.00 per month by 1865, more than a
threefold increase.

In 1861, the New York City banks suspended specie payments
(redeeming paper money for silver, gold or copper). Soon, all
types of coins vanished from circulation. Copper, silver and
gold, became worth more than their face value and people
started to panic and horde any and all metal coins.

Private individuals started issuing penny sized coins on tokens (Civil
War tokens) made of copper or bronze. Cities, banks and merchants
also printed and circulated their own private, small notes.

A Collector's Guide to Fractional Currency

In the early spring of 1862, people in
various east coast cities, began using
postage stamps as currency (or change).
The stamps quickly became sticky and
dirty and unfit for postal use, so they
became a liability rather than a boost to
the economy. Moreover, the practice of
turning stamps into money, forced post
offices from Washington, D.C., to
Boston, to run out of stamps for normal
postal use.

Other increases put pressure on the
economy. Increases, especially for provi¬
sions, staples and commodities, were
drastic between 1860 and 1865. Beef
steaks more than doubled in price, from
120 cents to 300 per pound. Raw wheat
flour went from $8.25 to $15.50 per
barrel while sugar and coffee rose from
80 to 120 and finally to 350 per pound.

Earnings seemed to increase, but not equally. The war effort put
a demand on industries that manufactured items such as blankets
and boots so a blacksmith, earning $1.81 per day in I860, was
bringing home $2.88 by 1865. Similarly, masons wages rose
from $1.98 to $2.91 per day during the same period, you do the
math, that’s a lot of money, but school teachers salaries and self-
employed income stayed the same or went up only slightly
during those troubled years.

Montage of Civil War era patriotic
envelopes. Top left: Kimmel Patriots
Flag, shield and eagle in black. Right:
standing Liberty, multicolored.

Bottom Left: Multicolored eagle and
shield.

The First Fractional Notes

The introduction of Fractional Currency was critical to the
economy of the North both during the Civil War, and for years
thereafter. It eased stress in many economic areas and it helped
to abate poverty, because cash was flowing again. More di¬
rectly Fractional Currency helped finance the war with
$368,724,079.45 being issued for the Northern interests.

One answer to the coin shortage was invented by John Gault, a
private business man, who patented a round brass case to go
around a postage stamp, to protect it from deterioration.

Unfortunately Galt put advertisements on the backs of the coin
cases. This worked for awhile, but, they proved impractical
because the mica window in the center of the case (used to
show the denomination of the stamp) cracked. In addition many
people took offense at the advertising.

History

HWW*®

iiliilMII

Five cent, first issue note.

“Good try, but no Cigar,” the newspa¬
pers wagged. Gault’s encased postage
stamp idea appears to have been too
little, too late for several economic
reasons too. First, they circulated in far
too small a quantity to relieve the money
shortage and they, again, ate up the
inventory of actual postage stamps,
making it difficult to mail a post card or
letter. The country was already short on
stamps, and, for a few months nothing
else was available, except small private
issue notes that could only be redeemed
by the issuing party, almost like a gift
certificate today. This could clearly lead to all manner of
mischief. It was as if anybody with a printing press could issue
money.

The Treasurer of the United States, General Francis E. Spinner,
decided to do something before the crisis grew worse. He
pasted a few postage stamps to rectangles of Treasury Depart¬
ment marked paper in definite amounts, 50, 100, 250 and 500.
He then signed some of them so that they would be harder to
duplicate. The idea caught on with Congress mainly because
the paper he used was tougher than the stamps. Again this was
only an interim solution, but it showed the way for future
changes. The definite value and convenience of the “notes” as
arranged by General Spinner, was readily apparent.

Congress was impressed as the need for a permanent solution
became more critical. A small change substitute law was
proposed and, in the summer of 1862, the Postage Currency
Bill became law. This law was officially signed by the Presi¬
dent on July 17, 1862.

The law forbade any further notes below $1.00 face value to be
issued by private companies, banks or individuals with a penalty
of up to six months in jail, or a $200.00 fine for each offense.

Order of Issue at-a-Glance

Later I will discuss the various issues in detail, but for now the
date of issue and history of each note is extremely important
and the order of issue carries with it a great deal of information
for the collector. Memorizing the dates the notes were issued is
a great way to memorize the entire world of Fractional Cur¬
rency. According to government records the true order of issue
for Fractional Currency in each denomination is as follows:

A Collector's Guide to Fractional Currency

First Issue

4 $

The first coin substitute notes issued under the 1862 Act

{

were called Postage Currency. These notes are easily
identified because they feature reproductions of then
current postage stamps. The 50 note features a single
five-cent stamp with the portrait of Thomas Jefferson on
the face, while the 250 note features the same stamp
reproduced five times. The 100 note shows a single ten-
cent stamp with George Washington’s portrait. The 500
note features the same Washington stamp reproduced five
times. The notes interestingly enough, also came with both
perforated and straight edges. They were printed by the Ameri¬
can Bank Note Company (ABNC) and the National Bank Note
Company (NBNC) which were basically extensions of the
government holding a special license amounting to a mo¬
nopoly.

Five cent, second issue note
showing embossing with poor
alignment and good margins.

Second Issue:

With the act of July 11, 1863, the Treasury Department
started to print its own notes. All second issue notes are
printed at the Treasury Department. The second issue
notes came about because the Northern government
wanted to move away from the use of the postage stamp
metaphor while keeping a sense of patriotism intact. All
the notes have the portrait of George Washington on the
front with a bronze oval surcharge around the portrait. All
the fronts of the notes regardless of denomination, are all
gray-slate colored. The backs are in the following colors: 50
note, tan to brown; 100 note, light to dark green; 250 note,
violet to purple; and the 500 note, reddish-orange to red. The
backs also have their denomination on them in a large, bronze,
numerical surcharge overprint.

W AND DESIGNATED

DEPOSITARIES^

(FURNISHED ONLY^

[^ASSISTANT

Third Issue:

The third issue of Fractional Currency started at the end of
1864 with the war going full blast. As the quality of the Frac¬
tional Notes improved, so did the quality of the counterfeits of
the earlier issue notes. This, and the ever-increasing demand
for “small change,” made a design change necessary.

There are more varieties of notes in the third issue than the
other issues combined. The third issue started signatures on the
notes, some printed and some autographed. There are red and
green backs, plain paper and fiber paper, different surcharges
and different sheet position indicators. All this helps to account

History

for nineteen different 500 Spinner notes, and thirty two different
500 Justice notes. This also is the only issue to have 30 notes.

Fourth Issue:

Improvements to quality and anti-counterfeiting continued for
ten years with the fourth and fifth issues of Fractional Cur¬
rency. One anti-counterfeiting measure included the
addition of the Treasury Seal on the front of each
note. Another was adding blue fibers to the right side
of the notes. All the notes have printed signatures for
added security. These anti-counterfeiting measures
worked to varying degrees. But they did not stop
counterfeiting altogether. The 500 Lincoln and the
500 Stanton were both counterfeited as soon as they
came out. The last note of the fourth issue, was the 500 Dexter,
but it, too, was soon counterfeited. As the war ended a cure for
this counterfeiting had to be developed, so a new bill was
passed.

Fifth Issue:

The Currency Act of April 17, 1876, directed that all Frac¬
tional Currency notes were to be redeemable with silver coin.
This act also brought about a fifth issue of fractional paper
money thafcwas not as easy to fake.

The fifth, and last, issue used only 100, 250 and 500 notes.
There are just a few varieties: the 100 green seal; the 100 red
seal with “short and long key”; and the 250 notes also with
red seals and “short and long keys.” These terms will be
defined later on. Basically these notes have green backs with
the fronts printed in black.

End of an Era

By the end of the Fifth Issue in early 1876, there were more than
enough silver coins circulating to meet the everyday needs of the
nation and paper fractionals more or less died out.

Note: The following section repeats some of the material just
given, but it provides greater detail.

Issue Details

Let’s take a look at the notes in more detail, this time using
the traditional Friedberg catalog numbers.

First Issue

First notes were released between August 21, 1862 and May
29, 1863. These were trimmed by hand, but production was

A Collector's Guide to Fractional Currency

slow so the notes were treated more like stamps. They came on
large perforated sheets mostly to ease the job of separating and
timing each note. Some of these sheets still exist and are highly
collectable, just like stamp sheets with serial numbers.

Unfortunately the perforation idea proved less than ideal. Perfo¬
rated stamps are designed to use once and once only. The buyer
moistens the back, pastes it down and mails the letter or card.

But fractional notes had a tougher row to hoe. The sheets them¬
selves came apart in shipping. Moreover the notes were much
larger and heavier than stamps and, even with special handling,
many were damaged before they got into circulation. Perforat¬
ing was stopped almost immediately in favor of the straight
edge. This accounts, at least in part, for the rarity of the perfo¬
rated notes.

The fact that various production techniques were tried allows
an order of issue for these historically important slips of paper.

Most experts agree that the first issue notes came out in the
following sequence:

* Straight Edge hand cut with no monogram

* Perforated with no monogram

* Perforated with ABNCO monogram

* Straight Edged with ABNCO monogram

Second Issue:

The massive second issue, released between October 10, 1863
to February 23, 1867, was printed in four denominations. All
four values, 50, 100, 25 0 and 500, have the same design with
variations in color, paper type and surcharge. The front of each

note shows the portrait of Washington and the background is a The Battle of Champion’s Hill, May

dock scene engraved by James Duthie from the Currency R Davis: Replied fmm Harper®

Bureau. The back of each note is an eagle atop a shield con- Weekly, June 20, 1863.

taining the corresponding denomination numeral.

History

The backs also vary in color as follows:

50 notes are brown
100 notes are light to dark green
250 notes are light to dark purple
500 notes are light to dark red
The backs of the notes may also display surcharges.

Note: The numbers associated with the following descriptions
relate to catalog designations for specific identification.

These are shown in parenthesis with the letters “Fr.” followed
by a number. This catalog typology will be explained fully in
the next major section. As stated above the Fr. stands for
Friedberg after the man who designed the numbering system
now commonly in use.

Sergeant Rose autographed
and dated this note in
February, 1865.

A Note on Paper Types: At least eleven different experimental
papers were used in, mostly vain, attempts to stop counterfeit¬
ing. The notes of the second issue were, for the most part,
printed on “membrane,” now known as fiber paper. The fiber
paper process, an invention of Dr. Stuart Gwynn, looked

promising but failed miserably in the field.
These sheets were actually sandwiches of
thin paper bonded together with scattered
long fibers. One would think they might
serve to stop the criminal element, but alas,
once the secret was out the paper was easily
duplicated and the layers tended to pull
apart. This helps account for the rarity of
the fiber paper notes.

Five Cent Second Issue

Some fifty-six million, 50 second issue notes were issued
between October 10, 1863 through March 1, 1865. As the war
ended most were issued on bank note paper.

The first 50 notes were issued during the war, were printed on
Dr. Gwynn’s fiber paper with R-l-18-63 surcharges on the
back corners. These bear a catalog number of Fr. 1235. Al¬
though printing was suspended, only 12,000 (11,837 to be
exact) were issued. These were continuously released over the
next year ending through October of 1864.

The next 50 note, Fr. 1234 came out with the S-18-6 surcharge.
The Fr. 1233 looks identical but is surcharged with just 18-63.

The last 50 notes to be made were the Fr. 1232, which has no
surcharge on the back except for a large bronze “5”.

A Collector's Guide to Fractional Currency

Ten Cent Second Issue

Of the 100 notes, some 61,760,843 were issued between
October 10, 1863 and March, 1865. Persisting in the use of
fiber paper for the notes, the Fr. 1249 examples were released
with the back corners surcharged T-1-18-63 . Only 17,098 were
issued through October 1, 1864.

The next 100 note, the first on regular bank paper, is the Fr.

1248 , surcharged 0-63 on the upper back corners. All but one
of the twenty examples known have the plain 0-63 surcharge
styles, which is entirely unlike all other second issue notes
using the old English ornate style. The one that
sold in the March 17, 1993 Halpern sale is the only
known exception. The Halpern sale item has an
ornate 0-63 surcharge the only ornate style known.

This is similar to the remaining surcharges on all
of the other second issue notes. It is my opinion,
and that of others, that this is the only “genuine”
example of this note. Many of the major collectors
over the years, e.g. F.C.C. Boyd, W. Raymond and
Matt Rothert erroneously collected the “non-
genuine” 0-63. Which begs the question: What
happened to the other notes?

The next 100 note that was issued was the Fr. 1247 “I”*in the Back of a 100, second issue, with

upper right hand corner, and “18” -”63” on the lower back surcharges.

corners.

The Fr. 1246 could have been next, with “S” in the upper left
comer, and “18 - “63” on the lower back corners. Several notes
have been seen with Notes are known with the “S” inverted, but
have not been given an FR. Catalog number.

Both the Fr. 1245 with “18” - “63” on the lower back corners
and the Fr. 1244 with no surcharges were issued in huge num¬
bers.

Twenty-five Cent Second Issue

Of the 250 second issue notes, some 30,593,365 were issued.

Again the firstto be printed were thefiber paper notes, but, as
usual, they are
scarce. Only
58,689 of these
were issued
from October,

1863 through
October, 1864.

Dock scene engraved by
James Duthie for the front

History

Two types of 250 fiber notes are known with separate catalog
numbers. The Fr. 1289 has a surcharge of “T-l-18-63” and the
Fr. 1290 shows a surcharge of “T-2-18-63”.

Walter Breen—widely considered one of the foremost numis¬
matic historians and researchers—believes that the T must stand
for a particular type of printing process, T-l for wet printing, and
T-2 for dry printing. If he is right, we can catch a glimpse of the
experimental printing process that went on 150 years ago.

The next 250 notes to be printed were issued on regular bank
note paper. These are: Fr. 1288 surcharged “2” - “18-63”; Fr.
1286 , surcharged “S” - “18-63”; Fr. 1285 surcharged “A” - 18-
63”; Fr. 1284 surcharged with just “18-63”, and lastly, Fr. 1283
without any surcharge.

Fifty Cent Second Issue

More than twelve million 500 second issue notes were re¬
leased. Of these, a small number, some 62,300, were fiber
notes, issued through October 1, 1864.

The three fiber paper 500 notes are: Fr. 1320 with surcharges
“0-1”-” 18-63” on comers of the back; Fr. 1321 surcharged “R-
2” - “18-63”, and the most common of the three (if any fiber
note can be called common) is the Fr. 1322 with surcharges:
“T-l”-“18-63”.

The remaining 500 notes in the second printing came out on
regular bank note paper. They are as follows: Fr. 1318 with
surcharges ”1” - “18-63” on the comers of the back; Fr. 1317
with “A” - “18-63” surcharges; and Fr. 1316, surcharged with
just “18-63” on the lower back corners. A Fr. 1314 with no
surcharges is rumored to exist, but I have never seen one that
was not made by erasing the surcharges. The real 1314 only
exists in specimen form.

Third Issue

The Third Issue of Fractional Currency was issued to the public
from December 5, 1864, to August 16, 1869. It came in five
denominations. The 50, 100, 250 and 500 notes of the second
issue were continued, but a new 30 denomination was added.
Some of the third issue notes were printed on left over fiber
paper from the second issue. Third issue notes were printed
from December 5, 1864 (experimental, fiber paper, 500 note)
through April 15, 1869.

A Collector's Guide to Fractional Currency

Three Cent Third Issue

The 30 note is the only third issue note
without signatures. More than twenty
million were issued from January 23rd.
to April 5, 1865. More importantly, they
represent the only 3 cent notes in frac¬
tional currency. They were issued in
keeping with the Congressional act of
March 3, 1865, which authorized release
of 30 metal coins (ironically these were
struck in nickel) and, for the first time,
the redemption of 30 Fractional Cur-
rency notes for silver. % md lssjg No(e

There are two major types of 30 notes. Fr. 1226 with light blue
background behind a portrait of George Washington. Also. Fr.

1227 which has a dark background. This latter note was made
from only seven face plates which makes it much rarer than the
Fr. 1226. Which was made from thirty three face plates.

Five Cent Third Issue

The third issue 50 notes were printed at the end of the war,
between January, 1865 to sometime in April, 1866. About
13 million were authorized and issued. These are very
collectible and controversial notes and need to be discussed
in detail, mainly because Spencer Clark decided to put his
own face on the note instead of that of the explorer William
Clark. By so doing he outraged congress who promptly
enacted a law banning the portrait of any living person on
U.S. currency. This law is still on the books and extends
also to stamps. For a detailed account see Spencer Clark’s
biography in the section, “Faces on the Notes.”

Despite the new law, the controversial notes continued to be
issued for the next two years afterward. Plates had already
been made for the 150 Grant and Sherman notes, and these
were only printed as specimens, the fronts and the backs
being printed separately on one side only. Notes on the far
left of the sheets had position letter “A” on them. There are
two major varieties: Red Back and Green Back notes.

The four different 50 notes are:

Fr. 1236, Red Back; Fr. 1237, Red Back with position
letter “A” on the front; Fr 1238, Green Back, and; Fr 1239,

Green Back with position letter “A” on the front. By the
“end of June, 1884, some 10.5 million 50 notes had been

History

redeemed for Silver coins , leaving over 2.5 million still
outstanding at wars end. These later and the 100 notes
described next, are fairly easy to pick up in sales and shops,
but again condition means a great deal.

Ten Cents Third Issue

Over 150 million, Third Issue notes, were printed, but only
18,000 Red Backs were issued between August 26, and Sep¬
tember 9, 1865, and only a small fraction of that run were
autographed.

The autographed notes are as follows: Fr. 1253 with auto¬
graphed signatures of Colby and Spinner and the much scarcer,
Fr. 1254 with autographed signatures of Jeffries and Spinner.

The Fr. 1255A with the autographed signatures of Colby and
Spinner, is unlike all the rest of the autographed
notes, because it has a green back. This has to be
considered a major error, rather than a regularly
printed note and was probably a presentation
piece. It’s what is known as a “mule error” in that
the wrong back was used after the normal issues
of Red Backs were stopped.

Next to be issued were the regular Green back
notes as follows: Fr. 1255, with no position
indicator, and Fr. 1256, with position indicator
“1” on the front.

100, Third Issue Note, Green Back. Also worth noting is the fact that the 100 notes lacked the word

“cents” anywhere on them, so it is safe to assume that many
could have been passed as $10 notes.

Twenty-five Cent Third Issue

Of the 250 Third Issue notes, 124,572,755 were printed
through April 15, 1869. These notes portray William
Fessenden, who, at the time, was still alive. One wonders how
this could have happened after the law of April, 1866, forbade
portraying a living person on currency, but exceptions were
made.

The first to be printed were the 16,000 Red Backs, printed and
issued from February 21, through March 6, 1866. They are as
follows: Fr. 1291 with no position indicator letter. Fr. 1292,
came out with a position indicator “A”.

The first of the Green Back notes were printed on fiber paper,
with surcharges “M-2-6-5”. Only 7107 notes were printed and
issued on March 22nd, 1865. The very first few sheets were on
fragile fiber paper. Most of the notes that have survived show

A Collector's Guide to Fractional Currency

missing corners, and heavy cracked center folds. These are the
famous, solid bronze front surcharges: the rare Fr. 1299 with no
position indicator, and the very rare, Fr. 1300 with position
indicator “A”. Because of its poor wearing quality, use of this
fragile fiber paper was stopped immediately, which is partly
why these notes are so rare. Again this is one of the eleven
known experimental papers used in fractionals during the war.

The next fiber paper used was more durable and all of the notes
printed on it had a back surcharge “M-2-6-5”. These are: the Fr.
1297, without no position indicator and Fr. 1298 with position
indicator “A”.

As usual the Green Back notes on regular bank note paper
came out only after several frangible papers were used. They
are: the Fr. 1294, with no position indicator; the Fr. 1295 with
position indicator “A” and, the very rare, Fr. 1296 with position
indicator “A” 7MM down and to the right of the normal loca¬
tion. Also, the “A” is larger on the Fr. 1295 note. In this case
the letter “A” is 2mm in size, whereas the normal “A” is 1mm
in size. Only 12 or so of these are known today.

The rebel Steamer “Merimac”, Razeed,
and ironclad. From a sketch furnished
by a Mechanic who was employed on
board. Reproduced from Harper’s
Weekly, November 2, 1861.

Fifty Cent - Third Issue - Justice Notes

Justice notes are named for the vignette on the front depicting
Lady Justice holding her scales in balance. Her appearance on
Fifty cent third issue and specimen notes differentiates a Justice
note from Spinner note of the same denomination. In all
73,471, 853 notes of all types were printed and released.

NEW YORK, SATURDAY, NOVEMBER 2, 1861. We ni J™'

ingress, in the Year 1861, by Harper & Brothers, to tin Cto*. Office 57he District Coart for the~8otitbei Steamer “ Merrima?” as ° f J

1-Kttl,e i 5 f( i r r m - SketChe ’ S b - V t,W ">“S n «liuc

to in the following extract from the Herald cor

=3S§§ii! — -spondeuce from Fortress Monroe:

Vol. Y.—No. 253.1

Entered according

Act of Congress,

hull b„s been cut down to SET&t ctlT/L

?lf »\ra£ s ta *«s;,

mast., end only n pilot-house and nuoke-stirk’are'to
toch« .«“■ htoibmeofi, th

£&= Z";i l | b J C 1 Y' nd Of wrong* ireT’llS’XS.'j

. ' ‘

' ■ ^ .

THE REBEL STEADIER ! MEERIMAC," RAZEED, AKD IRON-CLAD.— From a Sketch furnished by a Mechanic mho was employed on Board,

History

The first Justice notes were released on December 5, 1864 with
almost 10 million printed. But there were two other types
printed in the 500 denomination. The Spinner type I back was
produced in a run of 52, 866, 690 while the Spinner Type II
back came out in a much smaller edition of 10, 886, 028.

All three types were printed in sheets of twelve. The notes on
the far left column of the sheet each have the position indicator
“1”, and the top row of the sheet have position indicator “A”.

So there is only one note out of twelve that has both the “1”
and “A” position indicators. This make that single note more
scare than the other eleven notes on the sheet.

The first notes in this series are designated Fr. 1357. These are
the first notes depicting “Lady Justice.” They are red backed
fiber paper notes carrying the autographed signatures of Colby
and Spinner. They come with the surcharge “S-2-6-4” on the
back. Only 3060 notes were printed on November 14, 1864.
This was, more than likely, an experimental printing. It also
seems possible that the very rare Fr. 1351, Fr. 1352, Fr. 1353
and Fr. 1354, could have come from this same printing, since
they are also printed on the same fiber paper and have the same
surcharges.

These later notes have printed signatures and are not hand
signed like the Fr. 1357. The very rare Fr. 1373A, was printed
on the same type of paper, with the same surcharges and
printed signatures, but with a green back. This could also be
from this same experimental printing as the Fr. 1357. It is
possible that only one sheet was printed, since only nine notes
are known today. Each of the nine notes now in collections are
worth $25,000-30,000 dollars depending on condition.

Several other fiber paper “Justice” notes, have green backs with
a surcharge of “A-2-6-5”. Fr. 1370, has no position indicators.

Third Issue, 500, Justice Note.

Fr. 1371, (which is very rare) displays position indicators “1” and
“A” on the front.

Note: The 500, fiber paper,
kutographed signature, red '
back, Justice note (catalog #
Fr 1357) is very scarce,
they come up for sale maybe
once per year. There are
now only twenty three
uncirculated notes of this
number known, and only
one in Gem condition.

A Collector's Guide to Fractional Currency

Justice note variations are as follows. For plate position
indicators please see chart and catalog.

Fr. 1372, displays only position indicator “1”; on the front while
Fr. 1373 shows only position indicator “A.”

The next series of Justice notes released were all red backs. They
can be identified as follows:

Fr. 1343, with no surcharges;

Fr. 1344 with position indicators “1” and “A” on the front;

Fr. 1345 with position indicator “1” on the front;

Fr. 1346 with position indicator “A” on the front, and surcharge
“A-2-6-5” on the back.

Fr. 1347 with no position indicators;

Fr. 1348 with position indicators “1” and “A” on the front;

Fr. 1349 with position indicator “1” on the front,
and; Fr. 1350 with position indicator “A” on the front.

The Fr. 1355 is a redback Justice note. It is hand signed and has
no surcharge on the back comers.

Fr. 1356 is the same thing except it has “A-2-6-5” on the back
corners. Both 1355 and 1356 are rated very scarce.

The following numbers are Green Backs:

Fr. 1358 has no position indicators.

Fr. 1359 with position indicators “1” and “A” on the front. This
is a very rare note with only 25 known.

Fr. 1360 with position indicator “1” on the front;

Fr. 1361 with position indicator “A” on the front.

Fr. 1362 has a surcharge “A-2-6-5” compactly spaced 92mm x
30mm, but with no position indicators.

Fr. 1363 has position indicators “1” and “A” on the front; while
the next two have contrasting position indicators they are:

Fr. 1364 has position indicator “1” on the front; and

Fr. 1365 has position indicator “A” on the front.

Greenback, Fr. 1362. With inverted
surcharges.

You can also find some Green Backs with
surcharge “A-2-6-5” widely spaced 98mm x
34mm. These are: Fr. 1366 with no position
indicators; Fr. 1367 with position indicators
“1” and “A” on the front is a very rare note.

Fr. 1368 with position indicator “1” on the
front, and Fr. 1369 with position indicator “A !
on the front.

History

January 1, 1866 through March 23, 1869 saw the
Spinner portrait used for the first time. The Spinner
Type I backs are the same design as the Justice note
backs. Most of the Spinner notes were in violation
of the “no living person on notes” Act of April 7,
1866, but were issued anyway. (See Spencer Clark
entry in the Faces on the Notes section)

signatures of Colby and Spinner. 1^28, a red back, was the first of these Spinner notes to be

printed. These carried the surcharge “A-2-6-5”. Probably only
the first few hundred were actually signed by Colby and Spin¬
ner.

The Fr. 1329 red backs had the autographed signatures of
Allison and Spinner. The Fr. 1330 were signed Allison and
New, probably on sheets that Colby didn’t sign. This signing
must have happened sometime between April 3, and August 16,
1869, since this was the only time that the two terms of office
overlapped. Most of the known Fr. 1330 notes are graded
uncirculated or better and are now thought to be very valuable.

In his book A Checking List of Fractional Currency, Walter
Schultz says: “Z?. F. Collins, one of the best-known and fore¬
most numismatists of his time, and for many years employed in
the Bureau of Printing and Engraving, is said to be responsible
for New’s autbgraphing a dozen or so of the blank 50 p Spinner
notes.”

The non-signed Spinner, red backs are:

Fr. 1324 with no position indicators;

Fr. 1325 with position indicators “1” and “A” on the front;

Fr. 1326 with position indicator “1” on the front,

and

Fr. 1327 with position indicator “A” on the front.

The Green Back Spinner notes came with and without back
corner surcharges. The “Greens” without surcharges are:

Fr. 1331 with no position indicators;

Fr. 1332 with position indicators “1” and “A” on the front;

Fr. 1333 with position indicator “1”,

and

Fr. 1334 with position indicator “A” on the front.

The green backs with surcharges “A-2-6-5” are: Fr. 1335 with
no position indicators and the very rare Fr. 1336 with position
indicators “1” and A” on the front

A Collector's Guide to Fractional Currency

Note: Less than twenty examples of Fr. 1336 are
known.

Fr. 1337 with position indicator “1” on the front
and Fr. 1338 with position indicator “A” are also
highly desirable in good condition.

Finally, the Spinner notes with the Type II back
and no surcharges were printed between May
27, 1868 and April 15, 1869, with some
10,868,028 notes issued. These notes were the
last of the Third Issue. There were only four
types of the Spinner Type II back issued. They
are:

Fr. 1339 comes without position indicators;

Fr. 1340 comes with position indicators “1” and
“A” on the front;

Fr. 1341 with position indicator “1” and;

Fr. 1342 with position indicator “A”.

Fourth Issue

ADVERTISEMENTS.

RPER’S WEEKLY.

October 26 , 1861 .]

THK “ BtttmUDA” AT SAVANNA IT.

We have important information by way of Washington
concerning the iJemiudct , which so recently ran the block¬
ade and entered Savannah. She is an iron-dad vessel of

fhpTfiHl'nfl red t ® DS burden; sailing from Liverpool on
the 18th of August, she reached Savannah on the 16th of
,Ker cargo contained*lS rifl. d cannon < f 32

n«?.A 4 /r P T nds; i & un * of pounds weight;

powder, shot, and shells for this ordnaue,: (500 Fntidd
rifles; frohi 200,000 to 300,000 car,ridgsk; 6COO pairs of
army shoes; 20,000 blankets; 18» barrels of gimCde?
a large quantity of morphine, quinine, and other medical
stores. The cargo cost $l,00n,(i0u. The vessel is now
fitting ont aai a pirate, to prey on the returning Calif rnia
steamers. It is «anl that Commander Totten is to liuva
chiirge of her; also that two more iron-clad steam frigates

present mont h 1 Savannah from Kn gland by the 35th of the

The New Issue of Postage Stamps, of ail

denominations, for sale. Apply to

IIAIIPER & BROTHERS, Franklin Square, N. Y.

The Fourth Issue Fractional Currency notes
were released after the war between July 14,

1869 to February 16, 1875 and these are the
first to display Treasury Seals. All of these notes
bear the printed signatures of Allison and
Spinner.

Fourth Issue notes printed during 1869 have
two types of paper, the first group is watermarked: US US in
two rows, the second type, not watermarked, has light to dark
red fibers scattered in the paper.

Starting in 1870, a new type of paper was put into use from the
Wilcox Paper Co., with what was officially called “localized
blue stain, now just called “Blue End notes.”

Starting at the end of 1871, a smaller seal (38 mm) replaced the
larger (40 mm) design.

EADLE’S MILITARY HAND-BOOK.

Embracing the Official Articles of War — U. S. Army !
gulationa— A Dictionary of Military Terms—Pay List
Rations—Equipment -Courtesies, &c. Price 25 Cents.
For sale by all Book dttd News Dealers and Amy Sutlers.

o> 2. 7fo> 2.

BEADLE’S

DIME UNION SONG BOOK, No. 2.

A Collection of the Latest and most Popular Patriotic
Songs. For sale by all News Dealers and Army Sutlers.
_ 0 BEADLE & CO., Publishers. New York.

Harper’s Weekly Clippings, October

26 , 1861

Ten Cents Fourth Issue

Some 349,409,600 ten cent, fourth issue notes were issued
through February 1874, of which 170,312,600 had the small
seal. This means, 179,097,000 had the larger seal. There are
basically four varieties of the fourth issue ten cent note The Fr.
1257 is on watermarked paper with scattered light fibers; the
Fr. 1258 has no watermarks and more red than pinkish fibers

History

with some blue or violet scattered through. The Fr. 1259 is a
blue end, but the Blue aspect is sometimes very light and faint.
The Fr. 1261 with blue end has a small seal (38 mm). The
colors of the seals can be from a light rose to a dark burgundy
(which sometimes can look brownish). The Fr. 1260 seal
generally considered to have been red originally have been red
originally, but is now referred to as a Brown Seal. This may
indicate a change in ink chemistry. This number is no longer in
the Friedberg book, but is still collectible.

Of the 35,361,440 fifteen cent notes issued, 8,121,400 (printed
April, 1872-March, 1874) had the smaller 38 mm seal. Varieties are:

Fr. 1267 with the watermark USUSUS with the large (40 mm)
seal;

Fr. 1268 with no watermark on course paper with some reddish
fibers. Also with large (40 mm) seal;

Fr. 1269, large (40 mm) seal, blue end front;

Fr. 1270 is a brownish seal (referred to above);

Fr. 1271 is a small seal (38 mm) blue end.

Twenty-Five Cents Fourth Issue

There were 235,689,024 twenty-five cent notes issued with
32,516,256 having the small (38 mm) seal. Varieties are:

Fr. 1301, large seal, watermarked USUSUS;

Fr. 1302, large seal, no watermark;

Fr. 1303, large seal, with blue end, right front;

Fr. 1304, large brown seal, plain paper and
Fr. 1307 small seal with blue right front end.

Fifty Cents Fourth Issue

Some 154,799,200 500 notes were issued, of which 19,152,000
were Fr. 1374 Lincoln notes. These were from July, 1869
through December, 1869. The issue of Lincoln notes was
stopped and recalled because of the large quantities of very
good counterfeits that appeared.

From January 1870, through September 1873, 86,048,000 Fr.
1376, Stanton notes were issued. These too were immediately
and aggressively counterfeited, causing yet another note to be
issued. The Fr. 1379, this one with the portrait of Samuel
Dexter on the face, was printed in a run 49,599,200 and re¬
leased from August 3rd. 1873 through February 16, 1874. This
too was counterfeited.

A Collector's Guide to Fractional Currency

Fifth Issue

The fifth issue notes were distributed between February 26,
1874 and February 15th, 1876. They came in three denomina¬
tions of 100, 250 and 500. The 100 and 250 notes had the
printed signatures of Allison and Spinner. The 100 and 250
variants are marked “Series of 1874” and the 500 notes are
marked/dated, series 1875. These later notes also carry the
printed signatures of Allison and New. All the 500 notes are on
paper with the localized blue ends.

The 100 Fifth Issue notes came out with the portrait of the
recently deceased William Meredeth, who was secretary of the
Treasury 1849 through 1850. Notes were issued from July,
1874, to February 15, 1876. A total of 199,899,000 were sent
out. The first ones issued Fr. 1264 , have a green Treasury seal,
with a long, thin 5mm key.

There are two types of the red seals, Fr. 1265, long, thin, 5mm
key, and Fr. 1266, short, thick 4mm key.

The 250 Robert Walker notes commemorates the secretary of
the treasury from 1845 to 1849. They were issued from July,
1874, to February 15, 1876. A total of 144,368,000 were
distributed. Like the 10 variety, there are two types: Fr. 1308,
with a long, thin 5 mm key in the Treasury, red seal, and Fr.
1309, with a short, thick 4 mm key.

The 500 Crawford notes were issued from July, 1875, through
February, 1876 in an printing of 13,160,000.

Captured Paper

Confederate, two man submarine
(cutaway view) intended to attack the
“Minnesota.”

Courtesy: Harper’s Weekly

Confederate States of
America paper was manu¬
factured in Great Britain
for use in making Confed¬
erate States paper money.

If was used on $5.00,
$10.00, $20.00, $50.00 and
$100.00 notes. The sheets
are 13.5 inches by 16
inches. It has eight water
marks (CSA in block letters)
per sheet. The appear
vertically. Blank sheets are
still available today at
anywhere from $125.00 to
$200.00 per sheet.

History

During the Civil War, the Confederate States plied a trade route
between Wilmington, N.C., and Nassau, Bahamas Islands.

They would ship out bales of cotton and bring back much
needed ammunition, guns, drugs, paper and other items. The
Union government declared a blockade on April 19, 1861,
which just about closed all the Confederate ports.

The “Bermuda”, a blockade-runner, bringing back Civil War
supplies from Liverpool, was sighted in the Atlantic Ocean on
April 27, 1862. The United States ship the “Mercedita” cap¬
tured the “Bermuda” which was taken to a northern port. It was
judged a legal prize of war by a Federal Court, and the cargo
ordered sold.

The Treasury Department bought five cases of banknote paper
in this sale and immediately put to work. This paper was used
to print specimen notes for the second and third issues of
Fractional Currency.

What to Look For

Due to the size and spacing of the notes on confiscated sheets,
only one or two of the C.S.A. watermark letters appear. It’s
very unusual to find a note with all three.

Public Specimen Sets

rOHTAOV. CVKHV.XCY —Mr'Uh PttftnM VAfti

50 c, tft, 10**, i't .

POHTXCK CVMKXCY-WItk Plata

w*, *41*, .

va\cTm\L cvucMY-nnt »r wummu

50**, ti'9, 10‘*, 5’*....

Vn\CTtOXAl. CWKKYCf~Knr luw.

60*. Vigoctte Goddest of Liberty. 60

Pan*, with ml Back..*. 60

fawn, vltli Milocrupble »iga»turr. 60

jy$. YtgoeUo Wad of Fr-ca de*. »

Sawc, with red lUck.. J5

10'*. Vignette ho*<1 of VV&shio?ten. . Jo

/wfiiermvm

tTMiarauttigSjj

Bjt , ■ ‘.ti.miBiwuiiKiin tn.

Specimen Set.

Specimen Set of fractional fturrotcjr.

Oomyxiiing *11 tbo Varieties *ad DccomJatfioa* u ongitally
Lulled.

S««K>, with red Hark.

Samo. with autographic signMu

i'». Vignette bead of Clark.

Same, with rod Daok..

3*a Vignette b<**d of Washington..
0'*- Vignette hoed of Sploccr.

y<x<nv, with ml Back.

Bane, with autographic signature

Stationary expeoio*

Starting in September, 1867, the Government offered speci¬
mens sets for sale to the public. They offered two different sets.
One was a full set of regular issued notes, comprising all the
varieties and denominations as originally
issued from the first three issues of Postage
and Fractional Currency, a total of twenty
six notes.

The other was a set of “half-notes” (wide
margin specimens having the face and the
back printed on separate sheets). This set
had 34 pieces. Those lucky enough to get
regular issue sets in September, got perfo¬
rated notes (50, 100, 250 and 500 ). Those
who got their sets in October, 1867 or later,
did not get the perforated notes, but they
got a 900 refund.

Collectors Note: To the best of my knowl¬
edge, all but two of the original wide
margin specimen sets have been broken up
over the years. The only time both sets
have been on display was when I displayed

A Collector's Guide to Fractional Currency

them at the Memphis Paper Money Show in June, 2001. The
display won second place for Fractional Currency. Shorty
thereafter, both sets sold to a Northern California collector
who will keep both sets in unbroken condition.

Faces on the Notes

After the war began several leaders and presidents were de¬
picted on stamps and fractional currency. The Civil War Presi¬
dent, Secretary of War, Treasurer, and two Civil War heroes
appear as well as Thomas Jefferson and George Washington.
Following, in alphabetical order, is a brief biography of each
man with special emphasis on his relevance to postage and
fractional currency developments.

Spencer M. Clark

Spencer Clark is perhaps the only antihero ever depicted on Frac¬
tional Currency. He appears on the Third Issue 50 note, but this
honor is a bit overstated. Clark, the appointed head of the Currency
Bureau, put his own portrait on the third issue note instead of the
explorer, William Clark, of the Lewis and Clark expeditions. This
could hardly have been a mistake and smacked of gross malfea¬
sance as well as contempt of Congress. John Q. Public was also not
amused. I guess Clark thought of it as a practical joke, but congress
didn’t agree and his blasphemous act, especially in time of war and
national crisis, did not go unpunished.

Clark’s vanity so incensed the Congress, they were moved to enact
the act of April 7, 1866, which banned the portrayal of living
persons on any U.S. Currency, stamps or bonds. This law is still in
effect. Interestingly enough, about a month later, on May 9th. and
10, 1866, Clark presented currency specimen books (now known
as Presentation Books) to President Andrew Johnson, Chief Justice
Chase, Treasurer Spinner and other Cabinet members. Was this to
apologize for putting his own face on the 50 note? If so, it didn’t
work. Clark was censured anyway.

William Harris Crawford

Bom: February 24, 1772. Died: September 15, 1834.

William H. Crawford’s portrait is on the 500, fifth issue notes.

He was admitted to the bar in 1798. Mr. Crawford was elected
to Georgia State of Representatives from 1803 to 1807. He
served at United States Senator from Georgia from 1813 to
1815, and was Secretary of War from 1815-16, and Secretary
of the Treasury from 1816 to 1825. He then returned to Georgia
and was elected a Circuit Judge.

History

Samuel Dexter

Born: May 14, 1761. Died: May 4, 1816.

Dexter’s portrait is on the third of three, 500 fourth issue notes.

At the early age of sixteen, he was admitted to Harvard College
and graduated four years later in 1781. He became a Massachu¬
setts congressman from 1793 to 1775. He then became a
Senator representing Massachusetts on March 4, 1799. In 1800,
President John Adams asked Dexter to become the interim
Secretary of War. He held this position for six months before
becoming interim Secretary of the Treasury from Jan 1, 1801
until Thomas Jefferson’s administration took over on March 4,
1801. He was unsuccessful in his run for Governor of Massa¬
chusetts in 1816, and died of Scarlet Fever just nine months
later on May 4, 1816.

William Pitt Fessenden

Bom: October 16, 1806. Died: September 6, 1869.

His portrait is on the 250, third issue notes.

Fessenden graduated college in 1823, studied law and passed
the bar in 1827. He served in the House of Representatives
from 1841-43, and as a Senator from 1854 to 1864. During the
Civil War, Mr. Fessenden was Chairman of the Senate Commit¬
tee on Financd. He proved very valuable to President Lincoln
and Secretary Chase in helping to provide funds for the Union
during time of war. In July, 1864, he succeeded Chase as
Secretary of the Treasury. He was again elected as a Senator in
1865, and concluded his political career by voting against the
impeachment of President Johnson.

General Ulysses Simpson Grant

Born: April 27, 1822. Died: July 23, 1885.

General Grant’s portrait, along with General Sherman’s, is on
the front of the 150, third issue, “Specimen Only” notes.

He was appointed to West Point in 1839 and graduated in 1843.
He served in the Mexican War from 1845 to 1847. When the
Civil War started, he was commissioned a Colonel in the
Illinois 21st. Regiment. One of his first victories was on Febru¬
ary 16, 1862, with the taking of Fort Donelson, Tennessee. He
became known for the quote: “No terms except immediate and
unconditional surrender”

Another important victory for Grant was on April 7, 1862 at Shiloh.

On March 9,1864, he was commissioned Lieutenant General by
President Lincoln, and became General-in-Chief of all U.S. Armies.

A Collector's Guide to Fractional Currency

On April 9, 1865, General Lee surrendered to Grant at
Appomattox Court House, Virginia.

As we all know, General Grant went on to become President
of the United States from March 4, 1869 to March 4, 1877.

Thomas Jefferson

Born: April 13, 1743. Died: July 4, 1826.

Jefferson’s portrait is on 50 and 250, first issue notes.

Thomas Jefferson graduated from William and Mary
College in 1762. He was admitted to the bar in 1767.
Jefferson was a member of the Virginia House from 1769-
74. From 1775-76, he was a member of the Continental
Congress. He drafted the Declaration of Independence and
presented it to the Congress on July 2, 1776. Jefferson was
Governor of Virginia from 1779-81 and was one of the first
to report the discovery of gold in the United States, after
finding a “lump” of gold by the side of the Rappahannock
River in Virginia.

Jefferson was the first U.S. Minister to France from 1785-
89, and was Secretary of State from 1790-93. In 1797, he
became Vice-President of the United States and went on to
become President from 1801-09. In his retirement, he was
one of the founders of the University of Virginia.

Abraham Lincoln

Lincoln is on 500 Fr. 1374, fourth issue notes.

Interestingly enough, Lincoln’s first office for the Federal
Government was that of Postmaster, May of 1833, in New
Salem, Illinois.

A year before, when the Black Hawk Indian War started,
Lincoln volunteered and was elected Captain of the 4th.
Illinois Company. The Oath of Allegiance is said to have
been administered by Lieutenant Jefferson Davis to Captain
Abraham Lincoln, twenty eight years before they would be
opposing presidents in the Civil War.

History

William Morris Meredith

Born: June 8, 1799. Died: August 17, 1873.

William Meredith’s portrait appears on 100 fifth issue notes.

Meredith was very intelligent, graduating from the Univer¬
sity of Pennsylvania at only thirteen years of age. He was
admitted to the board by the time he was eighteen. President
Taylor appointed him Secretary of the Treasury in 1849 and
he served there until July, 1849.

General William Tecumseh Sherman

Bom: February 8, 1820. Died: February 14, 1891.

General Sherman’s portrait, along with General Grant’s, appears
on the 150, third issue Specimen only notes.

Sherman was appointed to West Point in 1836, and he graduated
in 1840. He first saw service in the Florida Seminole Indian War as
a lieutenant. He next saw action in the Mexican War from 1846-
1848. After the Union victory at Shiloh, April 7, 1862, he was
promoted to Major-General. Sherman is most remembered for his
“March to the Sea”. With some 98,000 troops, he captured Atlanta
on September 1, 1864. Then went on to capture Savannah on
December 23, 1864, where he sent a message to Lincoln, saying
this was a Christmas present from him. This victory split the South
in half, speeding up the end of the war.

After the war, when Grant became President, he was promoted to
full General and given command of the United States Army. He
retired in 1883.

Francis Ellis Spinner

General Spinner, known as the “Father of Fractional Currency”
is depicted on 500 notes of the third issue. He was bom on
January 21, 1802, in Mohawk, N.Y. and died at Jacksonville,
Florida, on December 31,1890.

He began his business career as a cashier in Herkinen, New
York, and eventually became President of the Mohawk Valley
Bank. He rose to Major-General in the state militia, and was
elected to Congress for three consecutive terms, starting in
1854. After his Congressional term, President Lincoln ap¬
pointed Spinner to be Treasurer of the United States. He served
in this office from March 16, 1861 to June 30, 1875.

Spinner is described as the “Father of Postage and Fractional
Currency” because he is responsible for the original design of
small notes with the stamps pictured on them. He is also re¬
sponsible for ordering the breakthrough technique of pasting

A Collector's Guide to Fractional Currency

surplus 50 and 100 stamps to Treasury paper and demonstrating
how the could be made more counterfeit proof by signing them.

Spinner, was instrumental in the success of the newly formed
National Currency Bureau.

Edwin McMaster Stanton

Stanton is on 500 notes of the fourth issue.

Stanton was Attorney General in President Buchanan’s cabinet.
He then was appointed Secretary of War by President Lincoln.
The office he occupied throughout the Civil War.

Robert James Walker

Born: July 23, 1801. Died: November 11, 1869.

Mr. Walker graduated from the University of Pennsylvania in
1819. He served in the U.S. Senate from 1838-45, and was
Secretary of the Treasury from 1845-49. During the Civil War,
he was the Financial Agent of the U.S. in Europe, where he
sold over 200 million in U.S. Bonds to help pay for the war.
While in Europe, he helped stop the sales of Confederate
Bonds.

George Washington

Born: February 22, 1732. Died: December 12, 1799.

President Washington’s portraits are on the following Postage
and Fractional Currency notes: 100 and 500, first issue; on all
the second issue notes (50, 100, 250 and 500); the 30 and 100
third issue notes; and on the 250, fourth issue notes.

Most of us know something about George Washington, the
father of our country. He was a county surveyor in Virginia in
1749. He was commissioned Lt. Colonel in 1754 when he
helped to establish an outpost on the site that became the
Pittsburg of today. In 1755, he became Colonel, head of all
Virginia troops, and married Martha Dandridge in 1759. Like
Jefferson and Franklin, he was a 33° Freemason.

Washington was a member of the Virginia House of Burgesses
from 1759 to 1774, and was a member of the Continental
Congress, and, in 1775, was elected to command all the Conti¬
nental armies.

Washington became our first President on April 30, 1789 and
was re-elected in 1793, but declined a third term in 1797. He
retired to his farm in Virginia to raise Tobacco and Hemp.

Part Two
Grading

Pricing

. Catalog

A Few Tips Before You Start Your Collection

1. Know your currency dealer. Trade with a dealer who
has expertise and considerable experience in the
currency market. Members of the “Professional
Currency Dealers Association” are a good source.
(All members will display the PCDA logo in their
advertising).

2. Share your collecting goals with your dealer. The
more he or she knows, the better they can help you
reach your goals.

3. Always buy the highest grade notes.

4. When choosing between notes of the same grade,
select the one with the best “eye appeal”.

5. Buying the higher grade (CHCU or Gem) notes is
also a good investment. The higher grade notes are be¬
coming very scarce because there is always a demand for
high grade notes, but the supply is relatively fixed. The
high grade notes are in constant demand by both collec¬
tors and dealers alike and you can almost always recover
your investment and make a profit.

6. Enjoy the notes you buy. Show them off, but be
sure to protect them in proper albums and with proper
Mylar D® covers, obtainable from most good dealers, and
full service coin shops. These covers offer excellent
clarity and protection. They are made of Polyester
Terephthalale which has no harsh chemicals. Other types
of holders have plasticizers that can break down and
harm your notes.

Key to the Numbering Systems

FR. # The most widely used currency numbering system
known as the Friedberg System and Developed by
Robert Friedberg.

Specimen notes are identified by adding “sp” after
the number followed by “nm” or “wm” for narrow
or wide margin, followed by “f ’ or “b” for front or
back of note.

KL# Numbering system used by Krause and Lemke.

III. Catalog

MILT# Numbering system for Postage and Fractional Currency developed by
Milton, R. Friedberg. The only system to number every different note
of Postage and Fractional Currency. (See below).

Issue

1. Postage Currency

2. Fractional Currency

3. Fractional Currency

4. Fractional Currency

5. Fractional Currency

Denomination

100

150

250

500

Major Group

Type of Note

R Regular Issue
P Proof (usually wide margin)

S Specimen
DP Die Proof

E Essay or Experimental Piece
AD Artist’s Design (partially or com
pletely hand drawn or paste-up)
C Counterfeit

Engraved Surface

F Face Engraving Only
R Reverse Engraving Only
S Specimen

FR Face and Reverse Engraving
Blank - Regular Issue Note
(Since regular issue notes always have both
face and back engraving, this position has
not been used.)

Above: Guide to the Milton
Numbering System (MILT#).
Reproduced from “The Encyclopedia
of United States Fractional and
Postal Currency”, by Milton R.
Friedberg, 1978.

. Catalog - First Issue - Five Cent Postage Currency

Fr. 1229. Front. Fr. 1229. Back.

Perforated Edges with ABCO Monogram On Back

✓ FR#

MILT#

KL#

FINE

V F

CHCU

GEM

RARITY

1228

IR5.3

3209

35.00

45.00

55.00

75.00

100.00

175.00

265.00

495.00

SCARCE

Perforated Edges with No Monogram on Back

fr#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1229

IR5.2

3210

39.00

49.00

59.00

99.00

150.00

250.00

329.00

595.00

SCARCE

Straight Edges with ABCO Monogram on Back

fr#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1230

IR5.4

3211

35.00

45.00

55.00

69.00

79.00

95.00

120.00

150.00

VERY

COMMON

Straight Edges with No Monogram on Back

fr#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1231

IR5.1

3212

39.00

49.00

59.00

99.00

150.00

250.00

325.00

495.00

VERY

SCARCE

Size

43-44 mm x 64-66 mm. Printed in sheets of 20 notes.

What to look for

When buying a perforated note, take into consideration
the quality of the perforations. A Gem note must have
full perforations on all four sides. Also the perforations
should not cut into the design of the note. In this series
there are typically twelve perforations per 20 mm.

. Catalog - First Issue - Ten Cent Postage Currency

* P**j£?* >k
■ .—

gjpd

P^'W,

ffif DOLLARS. |

asss

px'sw,

ivisiWi-sM
I F/VJK \

k ftnnv„ A ,

VstJmtiss Un’".

-IPl’Km-KO JVLY l'*

Fr. 1240, Front.

Fr. 1240, Back.

Perforated Edges with ABCO Monogram On Back

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1240

IR10.3

3213

35.00

45.00

55.00

65.00

89.00

125.00

279.00

450.00

SCARCE

Perforated Edges with No Monogram on Back

MILT#

KL#

FINE

CHCU

GEM

RARITY

1241

IR10.2

3214

39.00

49.00

59.00

89.00

125.00

200.00

339.00

595.00

SCARCE

Straight Edges with ABCO Monogram on Back

MILT#

KL#

FINE

CHCU

GEM

RARITY

1242

IR10.4

3215

30.00

39.00

49.00

59.00

69.00

79.00

100.00

265.00

VERY

COMMON

Straight Edges with No Monogram on Back

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1243

IR10.1

3216

39.00

49.00

59.00

79.00

150.00

250.00

350.00

595.00

VERY

SCARCE

Size

43-44 mm x 64-66 mm. Printed in sheets of 20 notes.

What to look for

III. Catalog - First Issue - Twenty-Five Cent Postage Currency

Fr. 1279. Front.. Good, with full
perforations.

^ . Isrt.Uro// yi* : *

tV l !L

Fr. 1279. Back.

Perforated Edges with ABCO Monogram On Back

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1279

IR25.3

3217

35.00

45.00

50.00

79.00

125.00

200.00

395.00

950.00

SCARCE

Perforated Edges with No Monogram on Back

fr#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1280

IR25.2

3218

35.00

48.00

79.00

120.00

225.00

300.00

450.00

1,100.00

SCARCE

Straight Edges with ABCO Monogram on Back

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1281

IR25.4

3219

30.00

39.00

45.00

59.00

90.00

120.00

149.00

295.00

COMMON

Straight Edges with No Monogram on Back

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1282

IR25.1

3220

39.00

59.00

89.00

120.00

249.00

395.00

475.00

1,200.00

VERY

SCARCE

Size

64-67 mm x 44-46 mm. Printed in sheets of 20.

What to look for

Buy perforated notes, with full perforations on all four
sides.

. Catalog - First Issue - Fifty Cent Postage Currency

Fr. 1311. Front. Fr. 1311. Back.

Perforated Edges with ABCO Monogram On Back

✓ FR# MILT# KL# V G FINE

CHCU

GEM

RARITY

1310 IR50.3 3221 35.00 55.00

65.00

106.00

195.00

275.00

425.00

895.00

SCARCE

Perforated Edges, but 14 Perforations per 20 mm instead of 12 perforations per 20 mm

FR# MILT# KL# VG FINE

CHCU

GEM

RARITY

1310A IR50 3222

2,500.00

2,700.00

3,000.00

5,000.00

Perforated Edges with no Monogram on Back

FR# MILT# KL# VG FINE

CHCU

GEM

RARITY

1311 IR50.2 3223 45.00 65.00

90.00

150.00

300.00

450.00

575.00

950.00

SCARCE

SLEEPER

Straight Edges wth Monogram on Back

FR# MILT# KL# VG FINE

CHCU

GEM

RARITY

1312 IR50.4 3224 35.00 45.00

50.00

70.00

120.00

170.00

195.00

295.00

COMMON

Straight Edges with No Monogram on Back

FR# MILT# KL# VG FINE

CHCU

GEM

RARITY

1313 IR50.1 3225 45.00 70.00

110.00

195.00

300.00

495.00

775.00

1,200.00

Very scarce

RARE IN GEM
SLEEPER

*May have been made by a private printer. Less than fifteen known.

Size

64-67 mm x 44-46 mm. Printed in sheets of 20 notes.

What to look for

On the Fr. 1311 and Fr. 1313, beware of removed ABCO
monogram. Buy notes with full perforations on all four
sides.

III. Catalog - Second Issue - Five Cent Postage Currency - Washington

Fr. 1232. Front

Fr. 1232 Back.

Fr. 1233. Back.
Surcharges: “18-16”.

Fr. 1234. Back.
Surcharges: “S-18-63”.

Fr. 1235. Back.
Surcharges: R-1-18-63”.

Without Surcharges on corners on back of note

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1232

2R5.1

3226

20.00

23.00

34.00

49.00

59.00

70.00

95.00

300.00

VERY

COMMON

With Surcharges “18-63” on bottom corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1233

2R5.2

3227

23.00

25.00

39.00

46.00

59.00

79.00

100.00

325.00

COMMON

With Surcharges “S-18-63” on corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1234

2R5.3

3228

25.00

27.00

49.00

59.00

90.00

125.00

199.00

370.00

SCARCE

With Surcharges “R-1 -18-63” on corners on back of note, Fiber Paper

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1235

2R5.5

3229

27.00

49.00

79.00

100.00

195.00

295.00

595.00

1,000.00

Very Scarce
Rare in Gem

. Catalog - Second Issue - Five Cent Postage Currency - Washington

Size

46-48 mm x 64-67 mm. Printed in sheets of 20 notes.

What to look for

Most notes in this series are not well centered. The fiber
paper note is almost always cut close at one end, often
into the design. True Gems (those notes with good cen¬
tering on both sides) are very hard to find. You must also
take into account the surcharges on the back corners. A
note cannot be a Gem unless the surcharges are clear and
readable. Do not buy notes with blurred, unreadable
surcharges. They will be very difficult to sell. Also, try to
buy notes with bright bronze colored surcharges. In some
cases the bronzing has turned green. The green type is an
inferior note.

Fractional Currency

For both the Type Collector and Variety Specialist
Buying and Selling Quality Collector Notes
Specializing in forming Choice-Gem CU variety collections

Servicing want lists

Free Price List available on request

Auction representation services available
Check my Bank Note Reporter ad on Page 16, every month
Also offering Colonial Currency and Confederate Currency
Small Size Type and Large Size Type

James Polis

4501 Connecticut Avenue, N.W., Suite 306
Washington, D.C. 20008
(202)363-6650

E-Mail: Jpolis7935@aol.com

Member: PCDA, SPMC, FCCB, ANA

III. Catalog - Second Issue - Ten Cent Postage Currency - Washington

Fr. 1247. Back. Surcharges: “1-18-63”. Fr. 1248. Back. Surcharges: “0-63”. Fr. 1249. Back. Surcharges: ‘T-18-63”.

Without Surcharges on corners on back of note

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1244

2R10.1

3230

23.00

29.00

39.00

49.00

59.00

70.00

100.00

275.00

VERY

COMMON

With Surcharges “18-63” on corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM RARITY

1245

2R10.2

3231

23.00

32.00

43.00

59.00

69.00

79.00

125.00

295.00 common

With Surcharges “S-18-63” on corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1246

2R10.3

3232

32.00

39.00

49.00

59.00

79.00

125.00

195.00

350.00

SCARCE

With Surcharges “1 -18-63” on corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1247

2R10.4

3233

32.00

39.00

70.00

100.00

175.00

250.00

325.00

695.00

VERY

SCARCE

With Surcharges “0-63” on top corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1248

2R10.5

3234

395.00

550.00

1,000.00

1,400.00

1,900.00

2,500.00

3,200.00

4,900.00

RARE

Less Than

30 Known

III. Catalog - Second Issue - Ten Cent Postage Currency - Washington

With Surcharges T-1 -18-63” on corners on back of note, fiber paper

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1249

2R10.7

3235

29.00

49.00

79.00

110.00

195.00

275.00

550.00

1,000.00

VERY

SCARCE

Size

46-48 mm x 64-67 mm. Printed in sheets of 20 notes.

What to look for

Special Note: With one exception, on all known Fr. 1248
notes the “0” and “63” surcharges are printed in a plain
font style. Like all the other second issue notes, the one
Fr. 1248 exception, has the surcharges printed in an
ornate, old roman style, font. This is the only genuine
note, and all of the others are forgeries.

S/fyS:

Vo not clean cfoun noted-. @leanin<p o%
coadhintp yon* noted- will do mtne hanm
than <pood and reduce the ualue.
Vteachinp ha/mtd the note ad tnaceo o£
the Ueach remain.

III. Catalog - Second Issue - Twenty-Five Cent Postage Currency

Fr. 1284. Back. Surcharges: “18-63".

Fr. 1288. Back. Surcharges: “2-1 8-63”.

Fr. 1290. Front.

Fr. 1285. Back. Surcharges: “A-18-63”.

Fr. 1289. Back. Surcharges:‘T-1-18-63”.

Fr. 1286. Back. Surcharges: “S-18-63”. Fr. 1290. Back. Surcharges: ‘7-2-18-63”.

Without Surcharges on corners or back of note

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1283

2R25.1

3236

29.00

39.00

49.00

79.00

100.00

150.00

225.00

325.00

COMMON

With Surcharges “18-63” on corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1284

2R25.2

3237

32.00

45.00

59.00

89.00

125.00

175.00

295.00

450.00

SCARCE

With Surcharges “A-18-63” on corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1285

2R25.4

3238

29.00

39.00

49.00

79.00

110.00

165.00

250.00

395.00

SCARCE

. Catalog - Second Issue - Twenty-Five Cent Postage Currency - Washington

With Surcharges “S-18-63” on corners on back of note

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1286

2R25.3

3239

29.00

39.00

49.00

79.00

110.00

165.00

250.00

395.00

SCARCE

With Surcharges “2-18-63” on corners on back of note

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1288

2R25.6

3241

32.00

42.00

54.00

89.00

115.00

175.00

275.00

425.00

SCARCE+

With Surcharges T-1 -18-63” on corners on back of note, Fiber Paper j

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1289

2R25.8

3242

39.00

49.00

59.00

150.00

275.00

350.00

495.00

1,000.00

VERY

SCARCE+

With Surcharges ‘T-2-18-63” on corners on back of note, Fiber Paper j

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1290

2R25.9

3243

39.00

52.00

79.00

125.00

200.00

275.00

450.00

900.00

VERY

SCARCE

Size

46-48 mm x 64-69 mm. Printed in sheets of 20 notes.

What to look for

The Fr. 1286A is a variety that comes with a slate col¬
ored back, with NO trace of violet or purple. These notes
are worth three times the amount of the much more
common Fr. 1286. There are less than thirty known.

Most 1286 type notes are poorly centered. Fiber paper
notes are almost always cut close on one end or the other.

True Gems (those with good centering on both sides and
clear surcharges) are very hard to find.

Many notes have blurred surcharges. Buy notes with
clear, readable surcharges. Look for bright bronzing.

III. Catalog - Second Issue - Fifty Cent Postage Currency - Washington

Fr. 1317. Back. Surcharges: “A-18-63”. Fr. 1320. Back. Surcharges. Fr. 1322. Front.

Fr. 1318. Back. Surcharges: “1-18-63”. Fr. 1321. Back. Surcharges: “R-2-18-63”. Fr. 1322. Back. Surcharges: ‘T-1-18-63”.

Without any Surcharges on any Corners of Back

✓ FR#

MILT# KL#

FINE

CHCU GEM RARITY

1314*

2R50.1

Surcharge “18” Only

FR# MILT# KL#

FINE

CHCU GEM RARITY

1315*

Surcharges “18-63”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1316

2R50.2

3245

32.00

45.00

59.00

70.00

90.00

210.00

300.00

550.00

VERY

SCARCE

Surcharges “A-18-63”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1317

2R50.3

3246

32.00

45.00

59.00

70.00

90.00

210.00

300.00

495.00

SCARCE

Surcharges “1-18-63”

FR# MILT# KL#

FINE

CHCU GEM RARITY

1318 2R50.4 3247 32.00 45.00 59.00 70.00 90.00 210.00 300.00 495.00 SCARCE

*None known that are genuine.

. Catalog - Second Issue - Fifty Cent Postage Currency - Washington

Surcharges “S-2-18-63”

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1319*

2R50.5

Surcharges “0-1-18-63”,

Fiber Paper

FR,

MILT#

KL#

FINE

CHCU

GEM

RARITY

1320

2R50.6

3248

32.00

49.00

79.00

100.00

200.00

300.00

425.00

895.00

VERY

SCARCE

Surcharges “R-2-18-63”,

Fiber Paper

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1321

2R50.7

3249

39.00

49.00

150.00

250.00

360.00

450.00

595.00

1,000.00

Very Scarce
Rare in Gem

Surcharges T-1 -18-63”,

Fiber Paper

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1322

2R50.9

3250

39.00

50.00

89.00

100.00

200.00

300.00

395.00

700.00

SCARCE

*Was once thought to be a “S”, is in reality an “FT.

Size of Notes

45-48.5 mm X 63-66.25 mm.

What to look for

The Fr. 1286A is a variety that comes with a slate colored back,
with No trace of violet or purple. These notes are worth three
times the amount of the much more common Fr. 1286. There
are less than thirty known.

Most notes are poorly centered. Fiber paper notes are almost
always cut close on one end or the other.

True Gems (those with good centering on both sides and clear
surcharges) are very hard to find.

A lot of notes have blurred surcharges. Buy notes with clear,
readable surcharges. Look for bright bronzing.

III. Catalog - Third Issue - Three Cent Postage Currency - Washington

Fr 1226. Front.

Fr. 1227. Front.

Fr. 1226-7. Back.

With Light Background to Portrait

✓

fr#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1226

3R3.1

3252

39.00

49.00

59.00

70.00

89.00

99.00

120.00

325.00

COMMON

With Dark Background to Portrait

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1227

3R3.2

3253

42.00

54.00

63.00

80.00

100.00

125.00

250.00

475.00

SCARCE

Very Scarce

in Gem

Size

39-42 mm x 64-68 mm. Printed in sheets of 25 notes.

What to look for

Make sure there are good margins on all four sides, both front
and back.

III. Catalog - Third Issue - Five Cent Postage Currency - Clark

{ Siolrs .\oh

Fr. 1236. Front.

Fr. 1236. Back. Red or green.

Location of sheet position of letter “a". The "a” can be
1mm to 1.5 mm in size.

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1236

3R5.1

3254

29.00

39.00

59.00

70.00

100.00

150.00

225.00

350.00

SCARCE

1237 3R5.1E 3255 39.00 43.00 49.00 90.00 125.00 175.00 450.00 950.00 S ^ E

Red Back, Sheet Position Indicator “A”

FR# MILT# KL# VG FINE VF XF AU CU CHCU GEM RARITY

Green Back

FR#

MILT#

KL#

FINE VF

CHCU

GEM

RARITY

1238

3R5.2

3256

25.00

34.00 45.00

59.00

79.00

85.00

125.00

300.00

VERY

COMMON

Green Back, Sheet Position Indicator “A”

FR#

MILT#

KL#

FINE VF

CHCU

GEM

RARITY

1239

3R5.2G

3257

25.00

39.00 49.00

59.00

79.00

85.00

175.00

320.00

COMMON

III. Catalog - Third Issue - Five Cent Postage Currency - Clark

Size:

46 mm x 64 mm. Printed in sheets of 20.

What to look for

The Fr. 1236 Notes are very hard to find and are rarely well
centered on both sides. Fr. 1237 Notes are often smeared
because they came from the end of a sheet. (See illustration).
Ink smears are also common on the Fr. 1239 notes. In addition
to frequent smears, the Fr. 1237 and Fr. 1239 were poorly
printed on the left side due to less pressure on the plate towards
the outer edges.

‘g.0'8 S/tyS:

'Keefe, notee in ioto TumUcUty
(45-55%) and do not
exfeo&e to tentfeenatwiee
(cdooe 70- 75°£).

Location of sheet position of number “1”. “1” can be
1mm to 1.5 mm in size

Red Back with Printed Signatures of Colby and Spinner

✓ FR# MILT# KL# V G FINE VF XF AU CU CHCU GEM RARITY

1251 3R10.4 3258 29.00 39.00 49.00 59.00 89.00 125.00 195.00 325.00 SCARCE

VERY

1252 3R10.4A 3259 39.00 49.00 69.00 89.00 125.00 150.00 250.00 450.00 scarce

(SLEEPER)

Red Back with Position “1” on Front and Printed Signatures

FR# MILT# KL# V G FINE VF XF AU CU CHCU GEM RARITY

III. Catalog - Third Issue - Ten Cent Postage Currency - Washington

Red Back with Autographed Signatures of Colby and Spinner

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1253

3R10.1

3260

49.00

69.00

80.00

90.00

150.00

195.00

300.00

450.00

SCARCE

Red Back with Autographed Signatures of Jeffries and Spinner

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1254

3R10.2

3261

59.00

90.00

120.00

159.00

200.00

350.00

450.00

695.00

Very scarce

TO RARE

Sleeper

Green Back with Printed Signatures

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1255

3R10.6

3262

29.00

39.00

49.00

59.00

69.00

79.00

99.00

125.00

COMMON

Green Back with Autographed Signatures of Colby and Spinner j

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1255A*

3R10.5

3263

ONLY

THREE

KNOWN

Green Back with Printed and Position “1 ” on front |

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1256

3R10.6B

3264

39.00

49.00

59.00

69.00

79.00

100.00

149.00

225.00

COMMON

* Last one publicly sold in XF on 1/10/97 at Milt Friedberg sale, fetched $39,000.00.

Size of Notes

46 to 48 mm x 80-82 mm. Printed in sheets of sixteen notes.

What to look for

I get many calls from people who think that they have a very
rare Fr. 1255A, Colby and Spinner, Green Back, with auto¬
graphed signatures. Check this fact before you call an appraiser.
On a note with an autographed signature, the ink will not
always be the same color throughout the signature. Ink usually
bleeds through to the reverse. Ink will usually be darker where
the letters intersect. A printed signature will always be the same
color (usually black) throughout the signature. You should be
able to see the signature from the back of the note.

The Fr. 1252 and Fr. 1254 are, what I call, “sleeper” notes.
These are increasing in value and are very hard to find in
CHCU and Gem condition.

Cross section of Fr. 1295, showing
normal “a” size and position.

Cross section of Fr. 1296, showing large, out
of position “a”.

Fr. 1296.Front.. This is the rare variety with
the extremely large “a" 7mm to the lower
right of its normal position. The “a” is 2mm
in size.

Fr. 1297. Greenback.

Fr. 1299. This and the and Fr. 1300only. Solid
bronze surcharge.

Sheet location of position indicator “a”. Front size of "a” Back of fiber paper notes (Fr. 1297, Fr.

Is 0.9 to 1.2mm. 1298. Fr. 1299, Fr. 1300)

. Catalog - Third Issue - Twenty-Five Cent Postage Currency - Fessenden

Red Back

FR#

MILT#

KL#

FINE

CHCU

GEM RARITY

1291

3R25.1

3265

29.00

39.00

59.00

79.00

95.00

135.00

295.00

395.00 scarce

Red Back with Position Indicator “A” on the Front

FR#

MILT#

KL#

FINE

XF AU

CHCU

GEM

RARITY

1292

3R25.1B

3266

39.00

49.00

69.00

89.00 100.00

150.00

325.00

525.00

VERY

SCARCE

(SLEEPER)

Green Back

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1294

3R25.2

3268

19.00

23.00

29.00

39.00

59.00

79.00

125.00

195.00

COMMON

Green Back with Position Indicator “A” on the Front j

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1295

3R25.2B

3269

29.00

39.00

49.00

59.00

89.00

120.00

195.00

350.00

COMMON

Green Back with large 2mm Position Indicator “A” 7mm to the lower right than normal j

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1296

3R25.2B

3270

1,500.00

2,000.00

3,000.00

5,000.00

7,000.00

Very Rare

Green Back with Surcharge “M-2-6-5”, F

: iBER Paper

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1297

3R25.4

3271

29.00

39.00

59.00

79.00

159.00

200.00

390.00

525.00

Very Scarce

Green Back with Surcharge “M-2-6-5”, Fiber Paper, with Position Indicator “A” on the Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1298

3R25.4A

3272

39.00

59.00

79.00

125.00

200.00

255.00

495.00

750.00

EXTREMELY

SCARCE

Green Back with Surcharge “M-2-6-5”,

Fiber Paper, with front bronze, surcharge, solid, not just outlined !

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1299

3R25.3

3273

195.00

300.00

700.00

1,200.00

1,500.00

1,700.00

2,500.00

3,900.00

RARE

LESS THAN
30 KNOWN

. Catalog - Third Issue - Twenty-Five Cent Postage Currency - Fessenden

Green Back with Surcharge “M-2-6-5”, Fiber Paper, with front bronze, surcharges, solid,

NOT JUST OUTLINED, POSITION INDICATOR “A” ON THE FRONT

FR#

MILT#

KL#

FINE

V F

CHCU

GEM RARITY

1300

3R25.3A

3274

500.00

700.00

1,600.00

2,300.00

3,200.00

4,300.00

5,900.00

RARE

LESS THAN

16 KNOWN

Size of Notes

46 to 48 mm x 94-97 mm. Printed in sheets of twelve notes.

What to look for

The fiber paper notes listed Fr.# 1300 are on thick, coarse fiber
paper, not the thin fiber paper of the second issue notes. These
fiber notes can also be brittle, so beware of comers chipping off
and other damage.

TRos S/fys:

Vo not ftne&i <fowi notea.
'Pie&tiay, to take out <z ^'old,
{jiatteae tke eM&o4Ci*tty and com,
&e detected.

FK AC7T IO A/I/C

b v ri fVv-j

^ H'^vr jci*? s

> WltM 11 / .«<;<’&B«. I OB 5

i «'jv je * .\«; *jk**

p ew o-wwi -<RJ*

1* - • W» ' »> III I'I miT.il 1KM

«••. »«i». i >n :i ■hT.M K*i> * I MS

> ihri .rtmmq &mh»

«E< i lV ' *i-'vv: IT.XT< PAf/

«JM’B 4i OTini xrr. 'I»kt: te*,
Sv tiia* rx r. I.OU.A IK, J

XN «y<iMiHi i»m 4 * JjB

rp/< >

* VO J *:h

: i<sn,*n Jw; 5um\ »*•*?*

^ : ^nv

Fr. 1351. Red Back. Surcharges ‘S-2-6-4”.

Fr. 1354. Front. Printed Signatures, Colby and Spinner.

Fr. 1355. Autographed Signatures, Colby and Spinner.

yJp^'ivn- iif 4 i

■.<&m\PtU «■?♦*•? ««i. . r*»u 'v%..

4**v/i: * \o ’Kfcfj
t vs;4uvi Miwt' && 1

/»

511

III. Catalog - Third Issue - Fifty Cent Postage Currency - Justice - Red Back

Fr. 1347. Red Back Surcharges “A-2-6-5'

Sheet Position Indicator Locations.

Size of the “1 ” can be .8 mm to 2.25 mm.
Size of the “A”can be .8 mm to 2 mm.

Cross section of Fr. 1344showing
location of “V and “A”.

Fr. 1343. Front. Red Back. No Surcharges.

III. Catalog - Third Issue - Fifty Cent Postage Currency - Justice - Green Back

i'itaj kh kuti :«
•«t 4 mt$ WWi «1>

KI ’A » I.K I >

r« rii£ r

Fr. 1358. Green Back, no Surcharges

Fr. 1358. Front.

Fr. 1362 Green Back with Surcharges “A-2-6-5
Compactly spaced.

Fr. 1366. Green Back with Surcharges “A-2-6-5
Widely Spaced.

<Vwi»*< mwV.4

Fr. 1370. Green Back with Surcharges “A-2-6-5", Fiber
Paper.

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1343

3R50.3

3295

59.00

69.00

89.00

125.00

250.00

395.00

495.00

795.00

SCARCE

Red Back without Surcharges, with Position Indicators “1” and “A” on the Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1344

3R50.3A

3296

200.00

350.00

750.00

900.00

2,300.00

2,900.00

3,500.00

5,900.00

VERY

SCARCE

Red Back without Surcharges, with Position Indicator “1

” on the Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1345

3R50.3B

3297

69.00

89.00

110.00

175.00

265.00

400.00

595.00

750.00

SCARCE

Red Back without Surcharges, with Position Indicator “A” on the Front

Red Back with Surcharges “A-2-6-5” with no Position Indicators

Red Back with Surcharges “A-2-6-5” with Position Indicators “1” and “A” on the Front

r G

FINE

XF i

.00

69.00

79.00

125.00 21

GEM RARITY

Red Back with Surcharges “A-2-6-5” with Position Indicator “1” on the Front I

SCARCE

piiHfilifliilHilKlHKIlHHilBii

Red Back with Surcharges “A-2-6-5” with Position Indicator “A” on the Front

GEM RARITY

1,100.00 5QARQE

j j j |

Red Back with Surcharges “S-2-6-4”, Printed Signatures on Fiber Paper with no Position Indicators

GEM RARITY

20 , 000.00

VERY

RARE

. Catalog - Third Issue - Fifty Cent Postage Currency - Justice

Red Back with Surcharges “S-2-6-4”, Printed Signatures on Fiber Paper with Position Indicators “1” and “A” on the Front

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1352

3R50.8A

3304

* Only two known. The last to be sold publicly was a “Fine” at the Martin Gengerke sale, January 6, 1995for $29,000.00. This note has
since sold privately for a much higher, but undisclosed amount (estimated to be $100,000). The other 1352known, is anAU.

Red Back with Surcharges “S-2-6-4”, Printed Signatures on Fiber Paper with Position Indicator “1” on the Front

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1353

3R50.8B

3305

3,000.00

5,000.00

9,000.00

12,000.00

15,000.00

19,000.00

23,900.00

VERY

SCARCE

Red Back with Surcharges “S-2-6-4”, Printed Signatures on Fiber Paper with Position Indicator “A” on the Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1354

3R50.8C

3306

3,200.00

6,000.00

10,000.00

14,000.00

17,000.00

20,000.00

25,000.00

VERY

RARE

Red Back without Surcharges, Autographed Signatures, Colby and Spinner, without position indicators

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1355

3R50.1

3307

79.00

110.00

150.00

200.00

295.00

395.00

475.00

695.00

SCARCE

Red Back with back Surcharges “A-2-6-J

5”, Autographed Signatures, Colby and Spinnei

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1356

3R50.4

3308

89.00

150.00

200.00

250.00

350.00

495.00

595.00

895.00

VERY

SCARCE

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1357

3R50.6

3309

175.00

250.00

395.00

595.00

900.00

1,200.00

1,800.00

4,000.00

** Very scarce. Becomes rare in CU to CHCU and very rare in GEM.

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1358

3R50.13

3310

79.00

90.00

110.00

120.00

150.00

300.00

395.00

695.00

SCARCE

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1359

3R50.13A

3311

250.00

450.00

900.00

1,200.00

1,600.00

2,000.00

3,200.00

4,500.00

RARE

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1360

3R50.13B

3312

70.00

89.00

110.00

150.00

225.00

350.00

495.00

695.00

VERY

SCARCE

Green Back without Surcharges, with Position Indicator “A” on the Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1361

3R50.13C

3313

70.00

89.00

120.00

150.00

250.00

390.00

625.00

925.00

SOMEWHAT

RARE

Green Back with Surcharges “A-2-6-5” compactly spaced 92mm x 30mm without Position Indicators

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1362

3R50.10

3314

99.00

120.00

150.00

195.00

225.00

350.00

475.00

595.00

COMMON

Green Back with Surcharges “A-2-6-5” compactly spaced 92mm x 30mm with Position Indicators “1 ” and “A” on the front j

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1363

3R50.10A

3315

95.00

125.00

250.00

350.00

500.00

725.00

950.00

1,295.00

VERY

SCARCE

Green Back with Surcharges “A-2-6-5” compactly spaced 92mm x 30mm with Position Indicator “1 ” on the front j

MILT#

KL#

FINE

CHCU

GEM

RARITY

1364

3R50.10C

3316

70.00

89.00

100.00

125.00

250.00

375.00

495.00

650.00

SCARCE

Green Back with Surcharges “A-2-6-5” compactly spaced 92mm x 30mm with Position Indicator “A” on the front

■1

FR#

ImILT# KL#

FINE

CHCU

GEM

RARITY

1365

3R50.10C 3317

79.00

89.00

130.00

175.00

225.00

395.00

525.00

695.00

SCARCE

Green Back with Surcharges “A-2-6-5” widely spaced 98mm x 34mm without Position Indicator

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1366

3R50.11

3318

79.00

89.00

150.00

250.00

300.00

395.00

500.00

795.00

VERY

SCARCE

Green Back with Surcharges “A-2-6-5” widely spaced 98mm x 34mm with Position Indicator “1 ” and “A” on the front j

FR# MILT# KL# VG FINE

VF XF AU CU CHCU GEM

RARITY

1367 3R50.ll A 3319 395.00 750.00

1,200.00 1,600.00 2,300.00 3,700.00 5,000.00

VERY RARE

SLEEPER

Green Back with Surcharges “A-2-6-5” widely spaced 98mm x 34mm with Position Indicator “1” on the front

FR# MILT# KL# VG FINE VF XF AU CU CHCU GEM RARITY

1368 3R50.11B 3320 79.00 110.00 150.00 250.00 425.00 575.00 795.00 2,900.00 RARE

III. Catalog - Third Issue - Fifty Cent Postage Currency - Justice

Green Back with Surcharges “A-2-6-5” widely spaced 98mm x 34mm with Position Indicator “A” on the front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1369

3R50.11C

3321

100.00

200.00

395.00

500.00

650.00

795.00

950.00

1,500.00

RARE

Green Back with Surcharges “A-2-6-5” v

vithout Position Indicators, fiber paper

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1370

3R50.12

3322

79.00

90.00

150.00

250.00

359.00

795.00

995.00

1,600.00

VERY

SCARCE

Green Back with Surcharges “A-2-6-5” with Position Indicators “1” ani

9 “A” ON THE FRON1

', FIBER PAPER

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1371

3R50.12A

3323

398.00

500.00

1,395.00

1,800.00

2,500.00

3,600.00

4,600.00

VERY RARE

SLEEPER

Green Back with Surcharges “A-2-6-5” v

vith Position Indicator £

1” ON THE FRONT, FIBER PAPER

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1372

3R50.12B

3324

90.00

120.00

165.00

275.00

395.00

775.00

975.00

1,800.00

RARE

Green Back with Surcharges “A-2-6-5” v\

/ith Position Indicator ‘A” on the front,

FIBER PAPER

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1373

3R50.12C

3325

95.00

125.00

175.00

295.00

425.00

795.00

1,000.00

1,900.00

RARE

Green Back with Surcharges “A-2-6-4” without Position Indicators, fiber paper

MILT#

KL#

FINE

CHCU

GEM

RARITY

1373A

3R50.9

3326

10,000.00

20,000.00

29,000.00

* Only nine known. Two pairs and five singles. Very rare. The highest price paid for one was $33,000 for an AU.

Size of Notes

46 to 50 mm x 113 to 115 mm. Printed in sheets of twelve

notes.

What to look for

Fr. 1343 Can be found in GEM. Justice notes only need 1mm
margins on the front on all four sides to make GEM
status due to sheet layout being tight. GEM backs
need to be well centered.

Fr. 1344 Many of these notes come with a preprinted wrinkle
near the top center. This does not affect the grades.

There are less than twenty five known. Perhaps five
of these are GEMS.

III. Catalog - Third Issue - Fifty Cent Postage Currency - Justice

Fr. 1345
Fr. 1346
Fr. 1347

Fr. 1348
Fr. 1349

Fr. 1350

Fr. 1351
Fr. 1352

Fr. 1353
Fr. 1354
Fr. 1355

Fr. 1356
Fr. 1357

Fr. 1358
Fr. 1359

Fr. 1360
Fr. 1361
Fr. 1362

Fr. 1363

Fr. 1364

Can be found in GEM.

Can be found in GEM. Check the back centering.
They are sometimes cut close to the left.

There are less than twenty known.

Should have good embossing. Can be found in
GEM.

Can be found in GEM. Besides good centering on
both sides, they should be good color, bright
bronzing and good, deep embossing.

There are twelve to fifteen known.

With only two known, I would just be happy to see
one in person, as it’s the only regular issue note I’ve
never actually seen.

There are only seven or eight known.

There are only eight or nine known.

Most common autographed Justice note. GEMs can
be found, but most are CHCU. On all autographed
notes, make sure there are no ink “burn holes”.

Can be found in GEM.

If you are collecting GEMs, don’t wait for this one.
Buy that real nice CHCU with good embossing and
bright bronzing. There is only one GEM known,
and there are only twenty three to twenty five
uncirculated or CHCUs known.

Can be found in GEM. Should come with bright
bronzing and good embossing.

Again, buy that nice CHCU. No GEMs are known.
Most are cut close or into the design on the left and/
or the bottom. There are only twenty or so known.

Can be found in GEM.

Very hard to find in GEM.

Can be found in GEM. This is the most common of
the Justice notes.

Can be found in GEM. Should come with good
embossing and bright bronzing.

Can be found in GEM. Should come with good
embossing.

III. Catalog - Third Issue - Fifty Cent Postage Currency - Justice

Fr. 1365 Very tough, but can be found in GEM.

Fr. 1366 Can be found in GEM.

Fr. 1367 There are less than fifteen known. Very hard to find
uncirculated or better. An undervalued note.

Fr. 1368 Very few GEMs known. Another undervalued note
that is very tough to find in any grade.

Fr. 1369

Fr. 1370 Only a few GEMs known. Fiber paper GEMs are all
rare.

Fr. 1371 There are less than twenty known. Very hard to find
uncirculated or better. With maybe only five to
seven CHCUs, this is an undervalued note.

Fr. 1372 Very few GEMs. CHCUs come with good
embossing.

Fr. 1373 Also very few GEMs known. Should also have good
embossing.

Fr. 1373A Only nine known. There was a block of eight in the
1903 Friedman collection. It was creased twice
through the notes. Therefore, all eight are, at best,
AUs.

“Re'S S/fyS:

'Keefe tyowi aote& <wt
ctinect t&ey mU

{feicte <$uic6tq in

touttic/rt.

. Catalog - Third Issue - Fifty Cent Postage Currency - Spinner - Red Back

Fr. 1325. Front. Printed Signatures, Colby and Spinner.

Fr. 1328. Front. Autographed Signatures, Colby and

Fr. 1330. Front. Autographed Signatures, Allison and

Fr. 1329. Front. Autographed Signatures, Allison and

Sheet Position indicator Locations.

Size of the “1 ’’can be. 75 mm to 1.5 mm.
Size of the ‘A ’’can be. 8 mm to 1.5 mm.

Cross section of Fr. 1325, showing
location of “1”and‘A”

GEM RARITY

1329 3R50.17 3281 79.00 90.00 125.00 175.00 225.00 550.00 695.00 1,000.00 SCARCE

Red Back with Autographed Signatures of Allison and New

. Catalog - Third Issue - Fifty Cent Postage Currency - Spinner - Green Back

Fr. 1331. Front. Fr. 1335. Green Back. Surcharges “A-2-6-5”.

Fr. 1331. Green Back. No Surcharges.

Green Back with no Surcharges, with no Position Indicators

✓

FR#

MILT#

KL#

V G

FINE

CHCU

GEM

RARITY

1331

3R50.18

3283

75.00

89.00

99.00

110.00

125.00

250.00

375.00

495.00

COMMON

Green Back with Position Indicators “1” /

\ND “A”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1332

3R50.19A

3284

89.00

99.00

110.00

125.00

200.00

395.00

575.00

775.00

VERY

SCARCE

Green Back with Position Indicator “1”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1333

3R50.19B

3285

75.00

89.00

99.00

110.00

125.00

250.00

395.00

495.00

SCARCE

Green Back with Position Indicator “A”

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1334

2R50.19C

3286

40.00

50.00

60.00

75.00

125.00

250.00

395.00

495.00

SCARCE

Green Back with Surcharges “A-2-6-5” with no Position Indicators

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1335

2R50.20

3287

75.00

89.00

99.00

110.00

125.00

250.00

350.00

550.00

VERY

SCARCE

. Catalog - Third Issue - Fifty Cent Postage Currency - Spinner - Green Back

Green Back with Surcharges “A-2-6-5” with Position Indicators “1” and “A”

W FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1336

2R50.20A

3288

290.00

500.00

900.00

1,600.00

2,000.00

2,500.00

3,600.00

5,500.00

VERY

RARE

Green Back with Surcharges “A-2-6-5” with Position Indicator “1”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1337

2R50.20B

3289

79.00

89.00

99.00

150.00

195.00

395.00

550.00

950.00

RARE

(SLEEPER)

Green Back with Surcharges “A-2-6-5” v

vith Position Indicator “A”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1338

2R50.20C

3290

79.00

90.00

100.00

125.00

225.00

495.00

700.00

1,000.00

RARE

(SLEEPER)

%OG S/fyS:

Vo not frut na&ed noteo into
ev&ufa/Uf fazfan envetofeea., oa
tuvimfad 'letiduet (acicU in t&e
fazfan.) can k&wt t&e noteo.

III. Catalog - Third Issue - Fifty Cent Postage Currency - Spinner - Type

Fr. 1339. Front. Fr. 1339. Green Back.

Green Back with no Position Indicators

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1339

2R50.21

3291

79.00

90.00

100.00

125.00

150.00

275.00

395.00

570.00

SCARCE

Green Back with Position Indicators “1” /

\ND “A”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1340

2R50.21A

3292

100.00

150.00

200.00

250.00

395.00

700.00

900.00

1,400.00

RARE

Green Back with Position Indicator “1”

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1341

2R50.21B

3293

70.00

95.00

110.00

125.00

195.00

350.00

450.00

725.00

VERY

SCARCE

Green Back with Position Indicator “A”

MILT#

KL#

FINE

CHCU

GEM

RARITY

1342

2R50.21C

3294

70.00

95.00

110.00

150.00

225.00

395.00

500.00

995.00

RARE

Size of Notes

46 to 48 mm x 113 to 115 mm. Printed in sheets of twelve notes.

What to look for

Try to buy notes with good embossing, bright bronzing and

clear, readable surcharges. Gems should have all of
these qualities, plus good margins, front and back.

Fr. 1324 Gems can easily be found. Make sure surcharges are
readable and not blurred. Should also have good
embossing.

Fr. 1325 These notes are usually printed on the upper left

edges due to sheet position and may have some ink
smears. The Gems are difficult to find.

Fr. 1326 Gems come up for sale about three to five per year.

Fr. 1327 You should be able to find Gems, but full, clear,
complete inking is extremely rare.

Fr. 1328 Not a common note, but the most common of the
Autographed Signature notes. Gems can be found,
usually with great embossing.

Fr. 1329 Gems may be found with great margins.

Fr. 1330 Most of these are CU or better (90%). Estimates of
25 to 35 Gems are known.

Fr. 1331 Comes well embossed most of the time.

Fr. 1332 Gems do come up for sale. Mostly printed poorly in
the upper left edges, as with many “1” and “A”
notes.

Fr. 1333 Typically, the front centering is cut close to the left
side or top.

Fr. 1334 Gems can be found with great margins.

Fr. 1335 Maybe one out of ten are rated uncirculated or Gem.

Fr. 1336 Most of these are not CU. This is the hardest of
Spinner notes to find uncirculated, and therefore
undervalued. Less than twenty known.

Fr. 1337 Sleeper. An undervalued note. Much harder to find
uncirculated or better than you might think.

Fr. 1338 Sleeper. An undervalued note. Very hard to find AU
or better.

Fr. 1339 Gems can be found. Usually comes with great
embossing.

III. Catalog-Third Issue - Fifty Cent Postage Currency - Spinner

Fr. 1340 These “1” and “A” Spinner type two are particularly
challenging to locate in uncirculated or better. Gems
come up for sale maybe once or twice per year.

Fr. 1341 Most come cut close to the right or left sides. Gems
are hard to find.

Fr. 1342 Very hard to find CU or better.

%08 S/fyS:

Tice oniy TfttfCcvi *D® wnnency

iiolcUrtc to ctore yowl notec. Titey
o^er exceitent claiity and
protection.

Urge Red Seal - 40 mm - Watermarked Paper - Pink Silk Fibers

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1257

4R10.1

3327

25.00

35.00

42.00

50.00

69.00

80.00

100.00

175.00

VERY

COMMON

Urge Red Seal - 40 mm - Unwatermarked Paper - Pink Silk Fibers

Urge Red Seal - 40 mm - Paper has Violet Silk Fibers and Blue Right End, Front

FR# II MILT# KL#

FINE

CHCU

GEM

RARITY

1259 4R10.4 3329

25.00

35.00

42.00

59.00

70.00

80.00

100.00

200.00

COMMON

Urge Brown Seal - 40 mm

FR# MILT# KL#

FINE

CHCU

GEM

RARITY

1260* 4R10.4F 3330

Small Red Seal - 38 mm - Watermarked Paper has Violet Silk Fibers and Blue Right End, Front

■

FR# MILT# KL#

FINE

CHCU

GEM

RARITY

1261 4R10.4A 3331

25.00

35.00

42.00

59.00

70.00

80.00

100.00

200.00

Somewhat

COMMON

Smaller Orange Seal - 38 mm

FR# MILT# KL#

■■■■■Hi

FINE

CHCU

GEM

RARITY

1262*

No Seal - Fiber Paper

FR# MILT# KL#

FINE

CHCU

GEM

RARITY

1263**

*Not printed. That may be due to a chemical change.

** May be removed. I have not seen a genuine one.

III. Catalog - Fourth Issue - Ten Cent Postage Currency - Liberty

Size of Notes

45-47 mm x 78-80 mm. Printed in sheets of sixteen notes.

What to look for

True Gems can be easily found for most of this issue. You
should be able to find a Gem for each one of these.

Ros S/fys:

Reefr yom vtduaMe notea m a
defeo4it &o%.

111. Catalog - Fourth Issue - Fifteen Cent Postage Currency - Columbia

Fr. 1269, Front. Large seal. Fr. 1269. Back.

Large Red Seal - 40 mm - Watermarked Paper - Pink Silk Fibers

✓

FR#

MILT#

KL#

V G

FINE

CHCU

GEM

RARITY

1267

4R15.1

3332

60.00

70.00

82.00

99.00

110.00

190.00

215.00

339.00

SCARCE

Large Red Seal -

40 MM -

Unwatermarked Paper

- Pink Silk Fibers

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1268

4R15.3

3333

90.00

125.00

325.00

450.00

700.00

950.00

1,200.00

RARE

Large Red Seal -

40 MM-

Paper with Violet Fibers and Blue Right End, Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1269

4R15.4

3334

60.00

70.00

89.00

100.00

125.00

190.00

265.00

350.00

SCARCE

Large Brown Seal - 40 mm

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1270

4R15.4b

Small Red Seal -

38 MM -

Paper with Violet Fibers and Blue Right End, Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1271

4R15.4c

3336

60.00

70.00

89.00

100.00

125.00

190.00

265.00

390.00

VERY

SCARCE

* Have not seen any in Gem.

** Not printed brown. May be due to a chemical change.

Size of Notes

45-47.5 mm x 88-90.25 mm. Printed in sheets of twelve notes.

What to look for

You should check all Fr. 1268 notes for watermarks. Use a
carbontetrachloride test kit or other non-harmful test available
in all stamp stores or philatelic catalogs.

. Catalog - Fourth Issue - Twenty-five Cent Postage Currency -

Fr. 1303. Front. Fr. 1303. Back.

Large Red Seal -

40 mm-

Watermarked Paper -

3 ink Silk Fibers

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1301

4R25.1

3337

25.00

32.00

45.00

59.00

65.00

79.00

125.00

225.00

COMMON

Large Red Seal -

40 MM-

Unwatermarked Paper

- Pink Silk Fibers

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1302

4R25.2

3338

25.00

32.00

45.00

59.00

65.00

90.00

135.00

250.00

COMMON

Large Red Seal -

40 MM-

Paper with Blue Right End, Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1303

4R25.4

3330

29.00

39.00

45.00

65.00

75.00

125.00

195.00

450.00

VERY

SCARCE

Large Brown Seal - 40 mm - Paper with Blue Right End, Front

i fr#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1305*

4R25.5

Small Red Seal -

38 MM-

Watermarked Paper with Blue Right End, Front

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1307

4R25.4C

3342

25.00

39.00

45.00

60.00

69.00

89.00

150.00

395.00

SCARCE

*Not printed. That may be due to a chemical change.

Size of Notes

45-47 mm x 95-98 mm. Printed in sheets of twelve notes.

What to look for

The Fr. 1303 is very hard to find in CHCU to Gem. Make sure
to measure the size of the seal. Also, there should be no blue on
the back. The color of the blue varies from light to medium-
dark blue.

. Catalog - Fourth Issue - Fifty Cent Postage Currency - Lincoln

Fr. 1374. Front.

Fr. 1374. Back.

Large Red Seal - 40 mm - Watermarked Paper - USUSUS

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1374

4R50.1

3343

50.00

75.00

100.00

150.00

295.00

395.00

550.00

1,000.00

Large Red Seal -

40 MM-

Unwatermarked Paper

-USUSUS

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1375** 4R50.1B 3344 --------

*Common in VG through CU. Scarce in CHCU and true Gems are rare, with maybe only one or two for sale per year.
** All known notes are watermarked.

Size of Notes

Inself 47 x 106 mm, the design 45 x 104 mm. Printed in sheets
of twelve notes.

What to look for

Most Lincoln notes are cut into the design at the bottom on the
back. Try to find a Lincoln note with margins not touching the
design. You should be able to find a nice CHCU with complete,
margins. True Gems are rare, but they do come up at auctions.

Also, check for center folds and processing, as many CHCU to
Gem looking notes are in reality AUs

III. Catalog

- Fourth Issue - Fifty Cent Postage Currency - Stanton

Hi i . un '

■■

Fr. 1376. Front.

Fr. 1376. Back.

Small Red Seal - 38 mm - Paper with Violet Fibers and Blue, Right End Front

✓ FR#

MILT# KL# VG FINE

XF AU CU CHCU GEM RARITY

1376 4R50.2 3345 39.00 49.00 60.00 90.00 139.00 179.00 270.00 395.00

1377** 4R50.2B ---------

1378*** 4R50.2C ----------

*Common in VG through CHCU. Scarce in Gem.

** Brown Seal, not printed brown, may be due to a chemical change.

*** Once was said to be printed on plain paper. I have seen none in more than thirty years, nor have any
of the other experts in the fractional field.

Size of Notes

45 to 47 mm by 102 to 104 mm. Printed in sheets of twelve
notes.

What to look for

Embossing of the Treasury Seal on Gems should be strong and
obvious. Any Stanton note with no embossing should be sus¬
pect.

III. Catalog - Fourth Issue - Fifty Cent Postage Currency - Dexter

Fr. 1379. Front.

Fr. 1379, back.

Green Seal - Paper with Light Violet Fibers and Blue, Right End Front

✓ FR# MILT# KL# V G FINE V F XF AU CU CHCU GEM RARITY

1379 4R50.3 3347 35.00 45.00 59.00 70.00 100.00 139.00 179.00 325.00 *

*Common in VG through CHCU. Scarce in Gem.

Size of Notes

51 to 53 mm by 94 to 96 mm. Printed in sheets of twelve notes.

What to look for

Watch out for large pin holes in the upper front right-hand
comer. Pin holes were caused when bundles were sewn to¬
gether. Gems can be found, but make sure that there are four
good margins on both sides of the note. Most are cut close to
the right or left hand side.

III. Catalog - Fifth Issue - Ten Cent Postage Currency - Meredith

Fr. 1264. Front.

Back of all three notes.

Fr. 1266. Front.

Long key. Short key.

Green Seal with Long, Thin Key: 5mm

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1264

5R10.1

3348

30.00

39.00

49.00

59.00

69.00

85.00

125.00

195.00

NOT THAT
COMMON

Red Seal with Long, Thin Key: 5mm

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1265

5R10.2

3349

20.00

25.00

34.00

39.00

45.00

55.00

65.00

100.00

COMMON

Red Seal with Short, Thick Key: 4mm |

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1266

5R10.2b

3350

20.00

25.00

34.00

39.00

45.00

55.00

90.00

VERY

COMMON

Size of Notes

50-52 x 80-82 mm.

What to look for

Gems are not that easy to find of Fr. 1264 and Fr. 1265. Make
sure you note has good margins on all four sides, both front and
back. Check for pin holes in the upper right hand comer, where
bundles were sewn together.

III. Catalog - Fifth Issue - Twenty-five Cent Postage Currency - Walker

Long key. Short key.

Fr. 1309. Front.

Fr. 1308. Back.

Red Seal with Long, Thin Key, 5mm

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1308

5R25.1

3351

20.00

29.00

35.00

39.00

49.00

59.00

70.00

100.00

COMMON

Red Seal with Short, Thick Key, 4mm

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1309

5R25.1 b

3352

20.00

29.00

35.00

39.00

49.00

50.00

65.00

90.00

VERY

COMMON

Paper with Pink Color, Short, Thick Key, 4mm

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1309A 5R25.1C

Size of Notes

50-53 mm x 87-90 mm.

What to look for

Check upper, right hand corner for pin holes.

III. Catalog - Fifth Issue - Fifty Cent Postage Currency - Crawford

Fr 1381, front.

Fr. 1381, back.

Red Seal, Pink Colored Paper with Silk Ends

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1380

3353

Red Seal, White Paper with Blue Fibers, right end back

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1381

5R50.1

3357

25.00

30.00

39.00

54.00

70.00

100.00

125.00

225.00

Somewhat

COMMON

Size of Notes

52-55 mm x 108-111 mm.

What to look for

Crawford notes usually cut close to the right or left side. Make
sure that notes have good margins on all four sides, both front
and back. Check upper right hand corner for pin holes.

III. Catalog

J54 . F RANK LESLIE'S TIJ.l STRATED M:\VSPAPEK _LM«r n,_m 2

UNITED STATES

Shirt and Collar Manufactory,

INK SIHKTS VADK TO ORllKK AT #Vl FBI

i would make mom
W. H. CATEI.Y .

Aflrrtfltcr,

Unequalled in M«nt. At Cheap u u

SOLAR MATCHES.

'•totalled at Wholesale PrJcos.

Made to Measure at $20 per doz.
OR SIX FOR TEN D0LLAB8.

HASKINS

.Tilery for i».

The emit ran be paid to the Exprea* Company i

ir (pwde are not u rcprerenMi yo» ere *» liberty

8. W. H. WARD, from London,

To*.

aLAJJAMCE & GROSJEAN

Wesson's Breech-Loading Rifle.

cuca naked. 'nth thrir fare* downward! They ware leiTt o decay in the open alt, their boon bemq earned off a* ' tixg.hu*, aomethne*. at the
F4r^»r wrf* T Jor"”* 1 , '“ lor “J’ <r “ w * a ." d deliberaUlp axere that Che tsnd of on* of our moot gallant officer* KOI cutoff by a $

been exhibited in the office of the Sergcwi^ftt- Anneofthe Huute of UrprcarntatiTO. whirh hid hern ronvrrted to .neb's puipnwr andwhichhnd b(
found on the person of one of the rebel prlvjiieia taken !r. a rerent i-onflir!."—Report of the Oongiemional Committee on the Conduct of the H'rrr.

THE REBEL LADY'S BOUDOIR.

L*I>V 'read*)—•' -Vo <Uart*i ejft. (hope po« inter .wnW oil the little retire I hart sent rou from timt Ic time. I om clout to «<
tometkinato go nr coiled ion tehick / f*et enrt tci/1 pietist gett — a habg-rPttlt for

TOUE8, SOW 6t MJ3LVAIN.

ARMS • \!tl> HIHTUIV CIOOIW
BXOB 'PB.5’SEIfTA' r, IO’f 'WORDS,'

SadUt . Weseca's Bmefc-teathEj Etft*» and
BACCY’S CASTSWOB SAW PISTOLS

kpsti

Agents are toaklns m«Ni oois'-v liy ^ Bit *

i u-K.tbt. than !*y any «th-r huoniacuf, • ">r l‘*'»
. t» m awob .'.otum.-.i that Aavntr orasly «e*fc. trot

1 ,», V"V.'. % . >

C^iAi. T. CHICKHA.TJS,

t!KV. BDWAKD A. WIIAOX,
iniUarsa'-atv, King* Ciuntr, Y. V.

viwOMKTWM. XKW-WanI cm ivKvFjst
«JVO r.ttni.v.—A<vu;* Waatnl. M-rtbarl* »tM
Dr.lrr* au^pltat. ClrniUr. amt >«tL ^! '«l »ctto''

Employmont.

and cxpenrea'Lr on
ga mp , IIAKHIJ. BROTHERS,Sole A«eut«,tgx»-

rpo CONSUMPTIVES.—A Preacher of t nr Go-

c 8 ruch-foucher 8c .

MAREUIL-SUR-AY

9^E|

C4i /net ChaUiVfc#**

Page from a Civil War era
newspaper.

IV. Specimens

History

Fractional Currency is the only field of currency collecting in
which specimen notes (notes printed only on one side) from
adopted designs, not intended for circulation, are available —
and yet still affordable.

They are rare enough to be interesting and for now underval¬
ued. These are the real sleepers of the Fractional Currency
market. For example, there were only 9,016 Grant/Sherman
specimen notes printed. As of 1884, only 3,513 were still
outstanding. How many can be left today?

The specimen notes are from the first three issues only. They come
in narrow and wide margins notes. Most of the narrow margins
specimens at one time were mounted on the Fractional Currency
Shields, so, therefore, many of them show signs of this and may
have glue stains, paper from the shield itself still on the note, and
many have small edge tears. The wide margins specimens were
sold in sets to the public starting in September, 1867, with the
exception of the Grant/Sherman notes.

Grant anp Sherman Specimens

The Real Sleepers of the Fractional Currency Market

The autographed (hand signed) Grant/Sherman notes, seem to
me to be one of the most overlooked Fractional Currency values.

Not all Grant/Sherman notes are autographed signatures, but are
still scarce. For example, only 9,016 notes of all types were
printed. As of 1884, only 3,513 were still outstanding. The notes
were printed on very thin paper, which, if mishandled over the
last 135 plus years, would make the note an AU at best. There¬
fore, many of the Wide Margin notes over the years have been
trimmed down to Narrow Margin notes (usually to remove a
comer tip fold or two). The hand-signed notes (Narrow or Wide
Margin) are susceptible to getting bum holes in the signatures
from the acid in the ink or cracking in the thin paper. Also,
many notes (two fronts and two backs), are still on shields.

How many Grant/Sherman notes can still be left in CHCU or
Gem today?

Here are eleven different types:

# 1&2: Fr. 1272sp Front printed signatures (Colby/-Spin

ner). Narrow and Wide Margin notes.

# 3&4: Fr. 1272sp Green back, Narrow and Wide Margin notes.

#5: Fr. 1273sp

Front “Autographed Signatures”, Colby
and Spinner, Narrow Margin only (no
Wide Margins known). These are found
only on the green and pink shields.

Only a few known with no trace of being
mounted on a shield (no glue remnants).

Maybe sixty known total. This includes
twelve on green shields, and 25-27 on
pink shields. There are only one or two
Gems known. Most of them are cut tight
on the left or right hand side.

# 6&7: Fr. 1274sp Front Autographed signatures (Jeffries

and Spinner) both Narrow and Wide
Margins.

# 8&9: Fr. 1275sp Front Autographed signatures (Allison

and Spinner) both Narrow and Wide
Margins.

# 10&11: Fr. 1273-75sp Red back, both Narrow and Wide Margins.

The most common Grant/Sherman (if any can be called com¬
mon) are the Fr. 1272sp, Narrow Margin Fronts, and Narrow
Margin Green Backs. Also, the Narrow Margin Red Backs (Fr.
1273-75sp). The Fr. 1274sp and Fr. 1275sp Narrow Margin
fronts are scarce. They come up in auctions maybe four or five
times per year. Most are mounted on shields with normal glue
remnants (or mounting marks on the back). The few Gems that
do come up are from cut down Wide Margins. This is one of the
reasons why Wide Margin Fr. 1274sp and Fr. 1275sp fronts are
very scarce in Gem condition. Being so rare, only two or three
come up for sale (in auction) every year.

The Wide Margin Fr. 1273-75sp Red Backs, are also very scarce
with Gems being extremely rare. I may have had the opportu¬
nity to buy only two Gem Wide Margins Red Backs per year.
The Fr. 1273sp Narrow Margin Fronts are rare in any condition.
Most are still on shields. Many of the ones that do come up for
sale show signs of being removed from a shield. There might
only be ten to fifteen Uncirculated or better that are even
known. Maybe one or two (at the most) come up for auction
each year.

Most of the Uncirculated or better, Grant/Sherman notes are just
staying in collections. Consequently, not that many Gems are
coming up for sale. With less and less supply coming available,

and the ever increasing demand, prices have now nowhere to
go but up. The prices for Grant/Sherman specimens have just
surpassed the peak prices for 1981. They will continue to go up
as more and more sets are put together. Soon all the Gem
Grant/Shermans will be in collections. With many new and
young collectors, these notes will not be available for many
years to come. Do not wait. Buy your Grant/Sherman notes
now before they are all gone.

IV. Specimens - First Issue - Five Cent

✓ FR# MILT# KL# V G FINE VF XF AU CU CHCU GEM RARITY

1 231 spnmf 1S5F.1 3212spA .... 50.00 100.00 150.00 250.00 COMMON

Front with Wide Margins

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1231spwmf 1P5F.1 3212spB

125.00

195.00

250.00

395.00

SCARCE

SLEEPER

Back with Narrow Margins

FR#

MILT# KL# VG

FINE

CHCU

GEM

RARITY

1231spnmb

1s5R.1 3212spC

50.00

100.00

150.00

250.00

COMMON

Back wth Wide Margins

FR# MILT# KL# VG

FINE

CU CHCU GEM RARITY

I23lspwmb 1P5R.1 3212spD - - - 125.00 195.00 250.00 395.00 SLEEPER

Size of Notes

Narrow Margins: 44 to 45 mm by 63 to 65 mm.

Wide Margins: 64 to 67 mm by 96 to 99 mm.

What to look for

On Wide Margin Notes, a comer fold not into the design, still
makes it an AU note. With Narrow Margin notes, buy the ones
without shield remnants on the back.

Fr. 1243spwmf. Front. Wide Margins.

Fr. 1243spwmb. Back. Wide Margins.

FINE

50.00

10C

Back with Wide Margins

FR# MILT# KL# VG

FINE

CU CHCU GEM RARITY

1243spwmb IP10R.1 3216spD

125.00 195.00 250.00 395.00 SCARCE

Size of Notes

Narrow Margins: 44 to 45 mm by 63 to 65 mm.

Wide Margins: 64 to 67 mm by 96 to 100 mm.

What to look for

On wide margin notes, a corner fold not into the design, still
makes it an AU note. With narrow margin notes, buy the ones
without shield remnants on the back.

IV. Specimens - First Issue - Twenty-Five Cent

qn tv*av fxt a» M W

DEHHWUB) IlKWmUnKfiCWIBIB tr.slj

> ‘ v - v ora.’* v m

■ L55AJWW#*//?

Bp fox tMt//

p i>>

,ti ir 3 M "" m

"fll'l/rSII/MlM J
in Minis SIlS lM

f E no*^

P**"i

Fr. 1282spnmf. Front. Narrow Margin.

Size of Notes

Narrow Margins: 47 to 48 mm by 77 to 78 mm,
Wide Margins: 64 to 67 mm by 97 to 100 mm.

What to look for

On Wide Margin Notes, a comer fold not into the design, still
makes it an AU note. With Narrow Margin notes, buy the ones
■without shield remnants on the back.

Front with Narrow Margins

✓ FR# MILT# KL# VG FINE VF XF

CHCU

GEM

RARITY

1282 spnmf IS25F.1 3220spA ... -

50.00

100.00

150.00

250.00

Somewhat

COMMON

Front with Wide Margins

FR# MILT# KL# VG FINE VF XF

CHCU

GEM

RARITY

1282 spwmf IP25F.1 3220spB ....

150.00

250.00

325.00

425.00

SCARCE

Back with Narrow Margins

FR# MILT# KL# VG FINE VF XF

CHCU

GEM

RARITY

1282 spnmb I325R.1 3220spC ... -

50.00

100.00

150.00

250.00

COMMON

Back with Wide Margins

FR# MILT# KL# VG FINE VF XF

CHCU

GEM

RARITY

Fr. 1231spwmf. Front. Wide Margins. Fr. 1231spwmb. Back. Wide Margins.

Front with Narrow Margins

✓ FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1313spnmf 1S50F.1 3225spA

50.00

100.00

150.00

250.00

SOMEWHAT

COMMON

Front with Wide Margins

FR# MILT# KL# VG

FINE

<4*

CHCU

GEM

RARITY

1313spwmf 1P50F.1 3225spB

195.00

295.00

395.00

495.00

Scarce very
scarce in Gem

Back with Narrow Margins

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1313spnmb 1S50R.1 3225spC

50.00

100.00

150.00

250.00

SCARCE

SLEEPER

Back with Wide Margins

FR# MILT# KL# VG FINE VF XF AU CU CHCU GEM RARITY

1313spwvm 1P50R.1 3225spD .... 125.00 195.00 250.00 425.00 SCARCE

Size of Notes

Narrow Margins: 47 to 48 mm by 64 to 67 mm.

Wide Margins: 77 to 78 mm by 97 to 100 mm.

What to look for

On Wide Margin Notes, a comer fold not into the design, still
makes it an AU note. With Narrow Margin notes, buy the ones
without shield remnants on the back.

Back with Wide Margins

FR# MILT# KL# VG

FINE

CHCU GEM RARITY

1232spwmb 2P5R.1 3226spD

125.00 195.00 250.00 450.00

Size of Notes

Narrow Margins: 46 to 49 mm by 64 to 68 mm.

Wide Margins: 64 to 68 mm by 96 to 99 mm.

What to look for

Buy fronts that have bright bronzing. Buy backs that have good,
deep, rich color and bright bronzing.

IV. Specimens - Second Issue - Ten Cent

Fr. 1244spwmf. Front. Wide Margins. Fr. 1244spwmb. Back. Wide Margins.

Front with Narrow Margins

✓

fr#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1244spnmf

2S10F.1

3230spA

50.00

100.00

150.00

295.00

COMMON

Front with Wide Margins

■

FR#

1M8M

MILT#

KL#

FINE

CHCU

GEM

RARITY

1244spwmf

2P10F.1

3230spB

125.00

195.00

250.00

395.00

VERY

SCARCE

Back with Narrow Margins

■

FR#

■■

MILT#

KL#

FINE

CHCU

GEM

RARITY

1244spnmb

2S10R.1

3230spC

50.00

100.00

150.00

295.00

COMMON

Back with Wide Margins

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

12Mspwnb

2P10R.1

3230spD

125.00

195.00

250.00

395.00

VERY

SCARCE

Size of Notes

Narrow Margins: 46 to 49 mm by 64 to 68 mm.

Wide Margins: 64 to 68 mm by 96 to 99 mm.

What to look for

Buy fronts that have bright bronzing. Buy backs that have good,
deep, rich color.

IV. Specimens - Second Issue - Twenty-Five Cent

Fr. 1283spwmf. Front. Wide Margins. Fr. 1283spwmb. Back. Wide Margins.

Front with Narrow Margins

✓

FR# MILT# KL#

FINE

CHCU

GEM

RARITY

1283spnmf 2S25F.1 3236spA

50.00

100.00

150.00

295.00

COMMON

■

FR# MILT# KL#

FINE

CHCU

GEM

RARITY

1283spwmf 2P25F.1 3236spB

150.00

225.00

325.00

425.00

VERY

SCARCE

Back with Narrow Margins

■

FR# MILT# KL#

FINE

CHCU

GEM

RARITY

1283spnmb 2S25R.1 3236spC

50.00

100.00

150.00

295.00

COMMON

Back with Wide Margins " 1

FR# MILT# KL#

FINE

CHCU

GEM

RARITY

1283spwmb 2P25R.1 3236spD

175.00

250.00

350.00

450.00

Vert Scarce
Rare in Gem

Size of Notes

Narrow Margins: 46 to 49 mm by 64 to 68 mm.

Wide Margins: 64 to 68 mm by 96 to 99 mm.

What to look for

Buy fronts that have bright bronzing. Buy backs that have good,
deep, rich color and bright bronzing.

IV. Specimens - Second Issue - Fifty Cent

Fr. 1314spwmf. Front Wide Margins. Fr. 1314spnmb. Back. Wide Margins.

J Front with Narrow Margins

✓ FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1314spnmf 2S50F.1 3245spA

50.00

100.00

150.00

250.00

S0MEV\4HAT

COMMON

| Front with Wide Margins |

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1314spwmf 2P50F.1 3245spB

175.00

250.00

350.00

450.00

VERY

SCARCE

[ Back with Narrow Margins j

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1314spnmb 2S50R.1 3245spC

50.00

100.00

150.00

250.00

SOMEWHAT

COMMON

Back with Wide Margins j

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1314spwnt 2P50R.1 3245spD

200.00

275.00

395.00

595.00

Vew Scarce

citchcu

Rare in Gem

Size of Notes

Narrow Margins: 46 to 49 mm by 64 to 68 mm.

Wide Margins: 64 to 68 mm by 96 to 100 mm.

What to look for

Buy fronts that have bright bronzing. Buy backs that have good,
deep, rich color and bright bronzing.

IV. Specimens - Third Issue - Three Cent

Fr. 1227spwmf. Front. Wide Margins. Dark background
to portrait.

Fr. 1227spwmb. Back. Wide Margins.

.'EM i

-^pttAsnuau-
-«» «*****•

rmsDHKDax

»i)F.sn,-j tvn;()

Fr. 1227spnmf. Front Narrow Margins. Light
background to portrait

1227sfwnb 3P3F.2 3253spB .... 175.00 250.00 350.00 450.00 SCARCE

Front with Narrow Margins - Light Background to Portrait

150.00 295

1226spnmf 3S3F.1 3252spA

fio®. wmr-.

Front with Wide Margins - Light Background to Portrait

FR# MILT# KL# VG FINE VF

XF AU cu chcu gem rarity

very Rare
Cky3Kwi

1226spwmf 3P3F.1 3252spB

4,500.00 6,300.00 9,000.00

Front with Narrow Margins - Dark Background to Portrait

FR# MILT# KL#

SOMEWHAT

150.00 295

1227spnmb 3S3F.2 3253spA

Front with Wide Margins - Dark Background to Portrait

FR# MILT# KL# VG FINE VF XF AU CU CHCU GEM RARITY

IV. Specimens - Third Issue - Three Cent

Back with Narrow Margins

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1226spnmb

3S3R.1

3252spC

50.00

100.00

150.00

295.00

COMMON

Back with Wide Margins |

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1226spwmb

3P3R.2

3252spD

175.00

250.00

350.00

450.00

SCARCE

Size of Notes

Narrow Margins: 39 to 40 mm by 64 to 65 mm.

Wide Margins: 62 to 64 mm by 95 to 98 mm.

What to look for

If someone offers you a wide margin, Fr. 1226 specimen, light
background, be skeptical. There are only three known. Al¬
though, someday, another one may turn up. The three known
are all in collections not going to be sold any time soon. Check
photos on previous page. Any note with a corner fold is an AU.
Many are sold as CU because the fold may not encroach the
design, but a fold is still a fold.

S/flfS:

Safety tyowi mte&f

Fr. 1236spwmf. Front. Narrow Margins.

Fr. 1236spwmb. Red Back. Wide
Margins.

Fr. 1238spwmb. Green Back. Wide Margins.

Front with Narrow Margins

✓

FR#

MILT#

KL#

1236spnmf

3S5F.1

3254s p A

FINE

Front wth Wide Margins

50.00 250.1

FR# MILT# KL# VG FINE VF XF AU CU CHCU GEM RARITY

1236spwmf 3P5F.1 3254spB

175.00 250.00 350.00 450.00 SCARCE

Red Back wth Narrow Margins

VG FINE VF XF AU

1236spnmb 3S5R.1 3254spC

GEM R

50.00 100.00 150.00 250.00 SKjjJ

Red Back with Wide Margins

FR# MILT# KL# VG

FINE

CHCU GEM RARITY

1236spwmb 3P5R.1 3254spD

180.00 250.00 350.00 450.00 SCARCE

IV. Specimens - Third Issue - Five Cent

Green Back with Narrow Margins

✓ FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1238spnmb 3S5R.2 3256spC

50.00

100.00

150.00

250.00

COMMON

j Green Back with Wide Margins ]

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1238spwmb 3P5R.2 3256spD

100.00

200.00

275.00

395.00

SCARCE

Size of Notes

Narrow Margins: 47 to 49 mm by 79 to 81 mm.

Wide Margins: 60 to 63 mm by 92 to 99 mm.

What to look for

On wide margin notes, margins are narrower on the top and
bottom than on the sides. Backs should have good, deep, rich
color in red or green and bright bronzing.

IRO'S S/fyS:
Aoak fan ^ancfoma
at cam c/toeva.

IV. Specimens - Third Issue - Ten Cent

jjjjifotH

Front with Narrow Margins, with Printed Signatures, Colby and Spinner

Front with Wide Margins, with Printed Signatures, Colby and Spinner

Front with Narrow Margins, with Autographed Signatures, Colby and Spinner

Fr. 1 251 spnmf. Front. Narrow Margins.

Fr. 1254spwmf. Front. Wide Margins.

Fr. 1253spwmf. Front. Narrow Margins.

Fr. 1251-4spwmb. Red Back. Wide

MILT#

CHCU

RARITY

SOMEWHAT

COMMON

150.00 295.00 SCARCE

FINE

50.0

✓ FR#

MILT#

KL#

1251 spnmf

3S10F.1

3258spA

IV. Specimens - Third Issue - TenCent

Front with Wide Margins, with Autographed Signatures, Colby and Spinner

✓ FR# MILT# KL# VG

FINE

V F

CHCU

GEM

RARITY

1253spwmf 3P10F.1 3260spB

150.00

250.00

350.00

495.00

VERY

SCARCE

Front wth Narrow Margins, with Autographed Signatures, Jeffries and Spinner

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1254spnmf 3S10F.3 3261 spA

200.00

295.00

395.00

550.00

VERY

SCARCE

Front with Wide Margins, with Autographed Signatures, Jeffries and Spinner

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1254spwmf 3P10F.3 3261 spB

2,500.00

3,000.00

3,900.00

5,550.00

VERY RARE
8 KNOWN

Green Back with Narrow Margins

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1255spnmb 3S10R.2 3262spC

50.00

100.00

150.00

295.00

COMMON

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1255s|wnb 3P10R.2 3262spD

175.00

250.00

325.00

425.00

SOMEWHAT

COMMON

Red Back with Narrow Margins

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

S 3S,0R -' 3258spC ■

50.00

100.00

150.00

295.00

COMMON

Red Back with Wide Margins

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

5* 3P,0R • , 3258spD

175.00

250.00

325.00

425.00

SCARCE

Size of Notes

Narrow Margins: 47 to 48 mm by 80 to 82 mm.

Wide Margins: 60 to 68 mm by 95 to 100 mm.

What to look for

Check the autographed notes for “bum holes” (where the acid
in the ink has burned through the thin paper). Notes damaged in
this way are worth about half of the stated values.

101

i&t <1*RK**

IV. Specimens - Third Issue - Fifteen Cent - Grant/Sherman

Fr. 1272spnmb. Red Back. Narrow Margins.

Fr. 1272spnmf. Front. Narrow Margins.

Fr. 1273spwmb. Green Back. Wide Margins

Fr. 1273spnmf. Front. Narrow Margins. Autographed
Signatures, Colby and Spinner.

Fr. 1275spnmf. Front. Narrow Margins. Autographed
Signatures, Allison and Spinner.

Fr. 1274spwmf. Front. Wide Margins. Autographed
Signatures, Jeffries and Spinner.

Fr. 1276spnmf. Front. Narrow to Medium Margins. No Signatures

IV. Specimens - Third Issue - Fifteen Cent - Grant/Sherman

Front with Narrow Margins, with Printed Signatures, Colby and Spinner

✓ FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1272spnmf

3S15F.1

3453spA

295.00

450.00

550.00

750.00

SCARCE

Front with Wide Margins, with Printed Signatures, Colby and Spinner

FR#

■■■■■■■■■

MILT#

KL#

FINE

CHCU

GEM

RARITY

1272spwmf

3P15F.1

3453spB

425.00

595.00

795.00

1,000.00

VERY

SCARCE

Green Back with Narrow Margins

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1272spnmb

3S15R.2

3453spC

100.00

250.00

350.00

425.00

COMMON

Green Back with Wide Margins

FR# MILT# KL# V G FINE VF XF AU CU CHCU GEM RARITY

I272sfwnb 3P15R.2 3453spD .... 150.00 250.00 350.00 500.00 SCARCE

Front with Narrow Margins, with Autographed Signatures, Colby and Spinner

■

FR#

MILT#

KL# VG

FINE

XF AU

CHCU

GEM RARITY

1273spnmf

3S15F.2

3454spA

1,200.00

1,900.00

2,300.00

3,600.00 RARE

Front with Narrow Margins, with Autographed Signatures, Jeffries and Spinner

FR#

MILT#

KL# VG

FINE

CHCU

GEM

RARITY

1274spnmf

3S15F.3

3455spA

275.00

395.00

595.00

895.00

VERY

SCARCE

Front with Wide Margins, with Autographed Signatures, Jeffries and Spinner

FR#

MILT#

KL# VG

FINE

CHCU

GEM

RARITY

1274spwmf

3P15F.3

3455spB

500.00

700.00

895.00

1,100.00

SOMEWHAT

RARE

Front with Narrow Margins, with Autographed Signatures, Allison and Spinner

FR#

MILT#

KL# VG

FINE

CHCU

GEM

RARITY

1275spnmf

3S15F.4

3456spA

395.00

500.00

700.00

895.00

VERY

SCARCE

Front with Wide Margins, with Autographed Signatures, Allison and Spinner

■1 FR#

MILT#

KL# VG

FINE

CHCU

GEM

RARITY

1275spwmf

3P15F.4

3456spB

500.00

795.00

995.00

1,200.00

RARE

103

IV. Specimens - Third Issue - Fifteen Cent - Grant/Sherman

Front with Narrow to Medium Margins, with No Signatures

✓ FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

spmmf 3S15F - 5 3457s P A '

ONLY

ONE

KNOWN

Red Back with Narrow Margins j

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

J273 m g 3S15R.1 3454spC

100.00

250.00

350.00

425.00

COMMON

Red Back with Wide Margins |

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

IjS 3P15R.1 3454spD

250.00

380.00

500.00

700.00

Very Scarce
Rare in Gem

*Last time it sold in Gem at the Milt Friedberg sale, 1 /20/97 for $4,100.00. Today it would bring in ten times that amount.

Size of Notes

Narrow Margins: 46 to 50 mm by 88 to 92 mm.

Wide Margins: 65 to 75 mm by 109 to 117 mm.

What to look for

Most Fr. 1273 spnm are cut close or into the design. Also, most
have remnants of shield on the back. Try to buy one that is not
cut into the design. Check the autograph notes for “burn holes”
(where the acid in the ink has burned through the thin paper).
They are worth about half of the stated value.

/&& S/fyS:

out fin t&at
have {tew letnimntecL fo
Cntftiove t&efo ynade.

104

Fr. 1291spwmb. Red Back. Wide Margins. Fr. 1294spwmb. Green Back. Wide Margins.

105

IV. Specimens - Third Issue - Twenty-five Cent

j Green back with Narrow Margins

✓ FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1294spnmb 3S25R.2 3268spC

70.00

100.00

150.00

250.00

COMMON

| Green back with Wide Margins |

FR# MILT# KL# VG

FINE

CHCU

GEM

RARITY

1294sfwnb 3P25R.2 3268spD

150.00

250.00

350.00

450.00

SCARCE

Size of Notes

Narrow Margins: 46 to 48 mm by 95 to 97 mm.

Wide Margins: 60 to 65 mm by 110 to 116 mm.

What to look for

The Fr. 1294spnm face is found with the word “SPECIMEN”
inverted on the back on all the ones I’ve seen. Both red and
green examples should have strong color.

106

IV. Specimens - Third Issue - Fifty Cent - Justice

Fr. 1343spnmf. Front. Narrow Margins. Fr - 1357spnmf. Front. Narrow Margins.

Front with Narrow Margins, Printed Signatures

✓

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1343spnmf

3S50F.3

3295spA

75.00

125.00

175.00

295.00

SOMEWHAT

COMMON

Front with Wide Margins, Printed Signatures

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1343spwmf

3P50F.3

3295spB

150.00

250.00

350.00

450.00

SCARCE

Front with Narrow Margins, Autographed Signatures, Colby and Spinner

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1355spnmf

3S50F.1

3307spA

75.00

150.00

250.00

395.00

SCARCE

Front with Wide Margins, Autographed Signatures, Colby and Spinner j

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1355spwmf

3P50F.1

3307spB

150.00

250.00

395.00

495.00

VERY

SCARCE

Front with Narrow Margins, Autographed Signatures, Jeffries and Spinner

■

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1357spnmf

3S50F.2

3309spA

150.00

250.00

395.00

500.00

VERY

SCARCE

Front with Wide Margins, Autographed Signatures, Jeffries and Spinner j

■Ml '

FR#

MILT#

KL#

FINE

CHCU

GEM

RARITY

1357spwmf

3P50F.2

3309spB

5,000.00

7,000.00

10,000.00

RARE

107

IV. Specimens - Third Issue - Fifty Cent - Justice

Size of Notes

Narrow Margins: 46 to 51 mm by 113 to 115 mm.
Wide Margins: 59 to 64 mm by 127 to 137 mm.

What to look for

Check the autographed notes for “bum holes” (where the acid
in the ink has burned through the thin paper). These notes are
worth about half, or less, than the stated values.

Note: Fr. 1357spnmf and Fr. 1357spwmf, only come as speci¬
mens.

IRos S/fyS:

Tiac TTtqiasi cmnencq, koldena to atone (poan
notea. H&ey ofren excellent danttip and
fcnotection. *7key one made from ’Poltpeatet
> 7enefedt6alale ami have no added cAemicala.
Some Uffeea o^ iuddene have fltaaticiyene tdat
can &ieaA doom and Tianm (foun notea.

108

Si 7<&*'>■ '> TIf .HSt ,TK H '•>*# \V?

"J> '*« liXC»' .?f«I A IS I, -I I-OK .*%/> '

1 ;i*. ..*J *'IY JlTK * IV03 'JK»
It » ***»ji»/tttt' Sm >uw’ **?*

g|JM»*.5il€i.''f,Vr>.^» *15*** »HITA« **5W
If Of Til K MT* I. HTAt 15 SI** UMH
I* { K1MMJ ARH.

fu iscit n. .HLK a •?«•*'. rireSrri vam,)*

«_» . F/ili>TII :IT. ITl 1* ST. l'K'y

L-*5S* 'MI.* mi.’ *» *iu .t«

t/ *?yrnn\l W

MILT#

Fr. 1339spnmb. Type 2. Back.

1324spnmf 3S50F.7 3275spA

1328spnmf 3S50F.4 3279spA

100.00 125.00 250.00 395.00 S V C E A R R Y CE

1329spnmf 3S50F.6 3281 spA - - - - 2,000.00 3,000.00 4,500.00 - RARE

Fr. 1328spnmf. Front. Narrow Margins.

Fr. 1331spnmb. Back. Narrow Margins.

200.00 300.00 495.00 595.00 S V C E A R R Y CE

1324spwmf 3P50F.7 3275spB

1328spwmf 3P50F.4 3279spB

Front with Narrow Margins, Printed Signatures, Colby and Spinner

Front w/ith Wide Margins, Printed Signatures, Colby and Spinner

FR# MILT# KL# V G FINE VF XF AU CU CHCU GEM RARITY

Front with Narrow Margins, Autographed Signatures, Colby and Spinner

Front with Wide Margins, Autographed Signatures, Colby and Spinner

Front with Narrow Margins, Autographed Signatures, Allison and Spinner

Front with Narrow Margins, Printed Signatures, Colby and Spinner

Front with Narrow Margins, Autographed Signatures, Allison and Spinner

XF AU CU CHCU GEM RARITY

Front with Wide Margins, Autographed Signatures, Colby and Spinner

V G FINE VF XF AU CU CHCU GEM RARITY

Front with Narrow Margins, Autographed Signatures, Colby and Spinner

FR# MILT# KL# VG FINE VF XF AU CU CHCU GEM RARITY

IV. Specimens - Third Issue - Fifty Cent - Spinner

Front with Wide Margins, Autographed Signatures, Allison and Spinner

✓ FR# MILT# KL# VG FINE VF

1329spwmf 3P50F.6 3281 spB

AU CU CHCU GEM RARITY

5,900.00 7,000.00 10,000.00

Front with Narrow Margins, Autographed Signatures, Jeffries and Spinner

MILT#

3S50F.5 3282spA

HaOKiMi]

Front with Wide Margins, Autographed Signatures, Jeffries and Spinner

RARITY

MILT#

3P50F.5 3282spB

Green Back with Narrow Margins

2,000.00 5,000.00

GEM RARITY

Very Rare
Qly3Mw)

3S50R.2 3283spC

Green Back with Wide Margins

295.00 COMMON

Red Back with Narrow Margins

1328-30 3S50R.1 3275spC

Red Back with Wide Margins

125.00 175.00

Type 2, Green Back with Narrow Margins

IV. Specimens - Third Issue - Fifty Cent - Spinner

Type 2, Green Back with wide Margins

✓ FR#

MILT#

KL# VG

FINE

XF AU

CHCU

GEM

RARITY

1339

spwmb II

3P50R.3

3291spD

3,900.00

4,500.00

6,200.00

9,000.00

VERY RARE
Only 6-7
Known

Size of Notes

Narrow Margins: 46 to 51 mm by 113 to 115 mm.

Wide Margins: 59 to 64 mm by 127 to 137 mm.

What to look for

Check the autographed notes for “bum holes” (where the acid
in the ink has burned through the thin paper). These notes are
worth about half, or less, than the stated values.

Note: Fr 1330-aspnmf and Fr. 1330-aspwmf, only come as
specimens.

7*0% S/fyS:

'Keep, noted in Cow ^umtidipf
(45-55%) and do not exfeoee
to Jiot temfrenatnnee (a&ove

70- 75°ft.

111

V. Experimentals

Experimental notes are basically just what their name implies. There
are numerous varieties of Fractional Currency notes that were never
issued. The experimented with different paper and different printing
methods. They also experimented with different colors and formulas
for ink. And, of course, there were many design ideas that were never
released but small print mns were conducted to see what the notes
looked like. These are very collectible.

Clark hired chemist and inventor, Dr. Stuart Gwymm who devel¬
oped the fiber paper notes of the second and third issue out of these
experiments.

Many experiments on at least ten different kinds of paper was
tried, mostly in second issue notes. Out of these experiments came
the fiber paper notes of the second issue. The experiments were
tried to help stop the counterfeiting of Fractional Currency, as well
as to try to save money on printing. Most of the experimental
notes are cancelled with two half-moon holes. All of these are
scarce to very scarce. Rarer still are the ones cancelled with two or
three pie-shaped holes. Very rare, and seldom seen, are the
experimentals with no punch holes or cancellations. Since
experimentals are a very specialized collection subset of Fractional
Currency, I have only listed a few examples here.

For more detailed information, please refer to: The Encyclopedia
of United States Fractional Currency ; by Milton R. Friedberg.

Milt lists all of the various types of experimentals and has given
them numbers from his system to help identify the different
experimentals. The book is currently out of print, but they do turn
up from time to time.

2E10F4

2E50F4

MILT#

DESCRIPTION

PRICE

RARITY

2E10F4

Fiber Paper Face, Gem

Retail: $425.00

30-50 Known

2E 50F 4

Fiber Paper Face, CHCU

Retail: $650.00

15-20 Known

2E 50R 3

CHCU

Retail: $650.00

15-20 Known

2E50R3

112

VI. Fractional Currency Shields

Fractional Currency Shields
were made between June, 1866,
and May, 1869. The shields are
made up of thirty -nine closely
trimmed specimens of the first
three issues, and also contain
Grant and Sherman specimens.
The specimen notes (which are
printed on just one side) are
composed of twenty fronts and
nineteen backs. Each of these is
glued to a cardboard backing
depicting a large shield with an
eagle above the top center. This
eagle stands on a smaller shield
with thirteen stars.

Size

Cardboard shield: 20 5 /s” x 24 5 /s”.

Frames vary in size as the
shields did not come framed
from the government.

FR#

KL#

DESCRIPTION

VALUE RANGE

RARITY

1382

3354

GRAY BACKGROUND SHIELD

$3,000.00 to $6,000.00

VERY SCARCE (est. 200-400)

1383

3355

PINK BACKGROUND SHIELD

10,000 to 18,000.00

RARE (20-25 known)

1383

3356

GREEN BACKGROUND SHIELD

18,000.00 to 30,000.00

VERY RARE (10-14 known)

What to look for

All shields display four notes with autographed signatures: 500
Justice, which is in the first row; 500 Spinner, in the second
row; the 150 Grant and Sherman in the fourth row; and the 100
Washington in the sixth row. The green and pink shields (the
earliest made) have Colby and Spinner autographs on all four
hand-signed notes. The grey shields never have Colby and
Spinner signatures on the Grant and Sherman notes.

113

VII. Counterfeits and Counterfeiting

Fractional Currency collectors owe a debt to those arch crimi¬
nals of the Civil War era who counterfeited Postage and Frac¬
tional notes. If it was not for the counterfeiters, the Govern¬
ment would not have found it necessary to print so many
different notes, with so many varied issues and complex de¬
signs. The variety of these notes makes collecting more plea¬
surable and challenging.

What to look for

Lathe work is very difficult to counterfeit. Genuine notes are
made by a geometrical lathe. Counterfeits, for the most part,
are hand cut. On genuine work, the lathe work comes to small
loops at the edges. Counterfeited notes have no loops and are
not as sharp and clear.

Human faces and vignettes on genuine notes are vital and
lifelike. These same elements on counterfeited notes are mostly
blurred and expressionless-the eyes dull, the hair imperfect and
so forth. The differences are obvious once the collector sees a
real side-by-side comparison.

Counterfeit notes are sometimes missing, “ flourishes.” Flour¬
ishes are engraved lines used to enhance the design of original
and authentic notes. Fake notes may also include misspelled
words, and will frequently use the wrong letters or numbers for
surcharges. One example being the counterfeit Fr. 1373A,
which has an “8” when it should display an “S” on the reverse
surcharge.

Illustration from
“Heath’s Infallible
Counterfeit
Detector’’, 1870 of
Fr. 1373A. The
top note is the
forgery. Note the
missing flourish
line from the top
right corner, and
the lack of
sharpness in the
eyes of the
subject.

114

TURAHUItKfl OK Till*: UNI.TK1) ST

VIII - Fractional Currency Presentation Books

One of the most historic and rarest of Fractional Currency
items are the Presentation books. They were presented to
President Andrew Johnson and his cabinet and a few congress¬
men, on May 9th. and 10th., 1866. Of the only 18 made, three
are in museums, the location or whereabouts of another 7 are
not known. Therefore, this only leaves eight collectable at this
time.

They are small books, 4 3 /4 x 6 3 /8 inches, gold stamped, leather
bound. The covers have ornate scrollwork, most books have a
personalized front cover with the recipient’s name and title
gold embossed on the cover.

All the books contain the same 31 proof notes, with vivid
impressions. All are uniface with no bronzing overprints.
Twenty four of these proof notes are found only in these
presentation books.

The last one sold to a collector for $27,000.00.

115

Presentation Book Provenance

Originally presented to:

1. President Andrew Johnson, Then to: William Philpot;
B. Max Mehl; Milt Friedberg; Martin Gengerke; Douglas
Hales. Currently with Thomas O’Mara.

2. Salmon P. Chase, Chief Justice of the Supreme Court.
Current location unknown.

3. F. E. Spinner, Treasurer. Then to: George Slawson;
Robert Russel; Dr. Ronald Kessler; Martin Gengerke;
Milton Friedberg. Currently with Howard Cohen.

4. William H. Seward, Secretary of State, Current location
unknown.

5. Edwin M. Stanton, Secretary of War, Current location
unknown.

6. Gideon Wells, Secretary of the Navy. Then to: Wells
family; Martin Gengerke; Herman Halpern. Currently
with a Long Island, N.Y., collector.

7. Hugh McCulloch, Secretary of the Treasury. Current
location unknown.

8. James Harlan, Secretary of the Interior. Current location
unknown.

116

- Fractional Currency Presentation Books

9. James Speed, Attorney General. Current location un¬
known.

10. William Dennison, Postmaster General. Then to: Robert
Herdegen. Currently with A.N.A. Museum.

11. L. S. Foster, President Pro Tern of the Senate. Then to:

B. Max Mehl; Wayne Raymond; Herman Crofoot;
Currenty with the Smithsonian Institution.

12. Senator William P. Fessenden. Then to: The Fessenden
Family. Currently with the A.N.S. Museum.

13. Schuyler Colfax, Speaker of the House. Current location
unknown.

14. Spencer M. Clark, Superintendent of the National
Currency Bureau. Then to: Dr. E. R. Hodge; Col. E. H.
R. Green; F. C. L. Boyd. Currently with John S. Ford., Jr.

15. Spencer M. Clark, Superintendent of the National
Currency Bureau. Then to: Stacks. Currently with
Herman Halpern.

16. William C. Chandler, Assistant Secretary of the Trea¬
sury. Then to: Tom Denly; Martin Gengerke; Dr. H. A.
Scheuerman. Currently with a Long Island, N.Y., Private
Collector.

17. Unknown Recipient. Then to: F. G. Kirchner. Currently
with Robert Kravitz, Northern California collector.

18. Unknown Recipient. Then to: Douglas Hales.

‘Ros S/fyS:

'Keep, cut etfe out {pn
couuten^eCU cutd
mi4tct£e&.

117

IX - Original Bundles

Bank *

T EXt'EXrK

g - . -,-f»

1*11 U 1

Fr. 1259.100, fourth issue, original bundle of 50 notes, Fr. 1379.500, fourth issue, original bundle of 20 notes, very
very rare, only two known. Last one sold in 1999-2000 rare. Value: $3,000.00 to $4,300.00.
for $7,000.00.

Fr. 1266.100, fifth issue, original bundle of 50 notes, Fr. 1309.250, fifth issue, original bundle of 40 notes, very

very scarce. Value: $1,750.00 to $2,500.00. scarce. Value: $1,400.00 to $2,600.00.

What to look for

In original bundles, all notes should have
square edges with no notes sticking out.
The wave and paper texture should be the
same on all notes.

As a protection against theft, most original
bundles will have a needle hole in the
upper right-hand corner where the notes
were stitched together. If only a few of the
notes in a bundle have this needle hole it is
a put together bundle or marriage and not
an original. Bundle bands are sometimes
sold separately for approximately $50.00
each at current rates.

Fr. 1381.500, fifth issue, original bundle of 20 notes, rare.
Value: $2,000.00 to $3,500.00.

118

X - First Issue Sheets

Fr. 1230.50, first issue, full sheet of 20 notes, very
scarce, but the most common of all the sheets. Value
$3,000.00 (CU) to $3,900.00 (Gem).

The plate numbers are on the untrimmed left edge.

Fr. 124210$, first Issue, full sheet of 20 notes, very
scarce. Value $3,500.00(CU) to $4,300.00(Gem).
The plate numbers are on the untrimmed left edge.

Fr. 1281.250, first issue, full sheet of 16 notes. Value
$3,900.00 (CU) to $4,900.00 (Gem).

The plate numbers are on the untrimmed left edge.

Fr. 1312.500, first issue, full sheet of 16 notes. Value
$4,500.00 (CU) to $6,300.00 (Gem).

The plate numbers are on the untrimmedleft edge.

What to look for

Buy sheets with the servage (white border of the sheet) still
there. Some sheets are trimmed down to the notes to remove a
corner fold or two.

Perforated sheets are known, but extremely rare, with only a
few of each known.

119

XII - Errors

Errors can be made during any printing process. Fractional
currency errors seem to be less numerous than other paper
money errors and, while a few are common, most are rare.

Prices for Fractional Currency notes with
errors vary considerably. Anywhere from
$20.00 up to thousands of dollars can be
assessed. Check with your favorite
Fractional Currency dealer before you
sell or buy.

For more detailed information, please
refer to: Fractional Currency Errors, by
Benny Bolin from Paper Money, Vol.

XFII, No. 1. The magazine issued by
The Society of Paper Money Collectors.

Here are some to look for.

Double denomination errors: Here, the

front and back are printed from different ^ „ , „

Common misalignment error. A full

notes, e.g. a 100 front and an 500 back. These are very rare half design is an ideal collectable.
with less than ten known. Be wary of fiber paper double
denomination notes as these can be easily married from two
different easily separated notes.

c/.Jr

t 5£&

•sm-rtofii

IfAt.f -

a „. Xsm

/utf/vfsx] ^

Misalignment: The most common Fractional Currency error.
Here one side of the note,
usually the front, is well cen¬
tered while the back is off
center. Some have just a little of
the next note, and some have a
large part of the adjacent note
showing. Fook for notes where
about half of the next design is
showing. Notes with just a part
of the next note showing are
less valuable.

Inverts: The most collected
Fractional Currency error. Some
“Inverts” have inverted back designs in relation to
the front. Others have inverted surcharges. Some
appear with just the design inverted, most of these
are second and third issue notes. Bronzing errors
also appear in various forms. Some are misaligned
and some are missing. Blurred bronze surcharges

Inverted Back.

120

XII - Errors

Gutter fold error.

Gutter fold errors: This happens when a
sheet has a wrinkle at the time of printing.
Then, after the notes are printed the wrinkle
may flatten out leaving a streak of non
printed paper. These errors are somewhat
common on small size currency, but are very
rare on larger denomination notes.

are not errors. This is more like a smear that
occurs when too much bronze is applied.
Beware of 500, second issue notes with no
surcharges, as there are no genuine notes
known.

Missing Seal: There are between five and ten fourth and fifth
issue notes with no seal, that are considered to be genuine.
Most that I’ve seen have had the seals scraped, erased or
chemically removed.

121

Part Three
Appendices
Glossary
Index

Appendix I .Hidden Treasure

How to Find Bargains

Believe it or not, coin shows are the best place to find Frac¬
tional currency bargains. Coin dealers and paper currency
dealers use different techniques to determine value and rarity.

If you see Fractional Currency at a coin show or dealer’s shop,
stop and take a look. Even if a note looks bad on first inspec¬
tion, it could be a treasure if you do your homework. Most
coin dealers set their prices by the well known traders guide
called the, “Greensheet.” This publication often mixes rare and
valuable numbers with more common notes. Some coin dealers
overlook the more desirable Fractional and price them accord¬
ingly. Mistakes in type, number and grade can lead to a bargain
for you.

Here are a few examples:

Some antique stores specialize in civil war collectibles. Items
like water canteens, and paper wrapped bullets are common.
Some of these dealers have currency on display and the dealers
rarely know what’s what. You can frequently see all types of
currency lumped together with coins and postage stamps on
postcards and old letters. In some states you can see Confeder¬
ate currency lumped together with Union Fractional notes. If
you known the ins and outs of these notes you can “Pick” a
sleeper. Even a simple AU condition note can be worth ten
times what the dealer is asking.

Another example comes from visiting coin shows, even some
stamp shows will prove profitable. At a recent coin show in St.
Louis, a sharp eyed currency dealer spotted a sleeper in a coin
dealers display case. This was a Justice note showing a “1” and
an “a” as position indicators. The note was marked Fr. 1360
and had a relatively low price attached. But, a note with these
two position markers might easily be more valuable. I repeat
do your homework. This is why I brought out this book with
price and rarity guides. The note was in great shape and turned
out to be a rare Fr. 1359, and although it wasn’t in Gem condi¬
tion (in fact, it was only AU) the note was so rare it still fetched
$1,800.00 at auction, less than one year later. That’s a five fold
return on a $350.00 investment. You do the math.

In another example, a fractional collector, looking through notes
at a coin dealer’s case, came across a note marked Fr. 1298, but
since it had front, solid surcharges, the collector recognized it as
a very scarce Fr. 1299. He couldn’t get the money out of his

124

Appendix I - Hidden Treasure

wallet fast enough. He paid less than $100.00 for that note,
worth $1,200.00 on an average day.

Turning Paper into Gold

I have included a show list appendix in this book, but not all of
the big Fractional Currency collectors or shows are located in
the Northeast. Two of the top ten collectors in the country, live
in the west. I can not reveal the city or state for security
reasons, but ironically these collectors live less than ten miles
from each other. Even more ironically, they have never met.
One of the collectors is only four or five notes away from a
complete set of the regular issue notes. Both are very close to
having all the Specimen notes, both wide and narrow margin
types. One of them is one of only three or four people to own
all three shields (gray, pink and green) and a Presentation
Book at the same time. I would estimate each collection could
be worth anywhere from $500,000 to a million dollars in the
near future, so keep searching.

125

Appendix II -Type Set 1

FIRST ISSUE

VALUE

DESCRIPTION

Fr. 1230

5<£

Straight Edges with Monogram

Fr. 1242

100

Straight Edges with Monogram

Fr. 1281

250

Straight Edges with Monogram

Fr. 1312

500

Straight Edges with Monogram

SECOND ISSUE

VALUE

DESCRIPTION

Fr. 1232

Without Surcharges

Fr. 1244

100

Without Surcharges

Fr. 1283

250

Without Surcharges

Fr. 1317

500

With Surcharges "A" "18" "63", or

Fr. 1318

500

With Surcharges "1" "18" "63", or

THIRD ISSUE

VALUE

DESCRIPTION

Fr. 1226

3 0

Light Background to Portrait

Fr. 1238

Clark Front, Green Back

Fr. 1255

100

Washington Front, Green Back

Fr. 1394

250

Fessenden Front, Green Back

Fr. 1331

500

Spinner Front, Green Back, No Surcharges

Fr. 1358

500

Justice Front, Green Back, No Surcharges

FOURTH ISSUE

VALUE

DESCRIPTION

Fr. 1257

100

Liberty Front

Fr. 1267

150

Columbia Front

Fr. 1301

250

Washington Front

Fr. 1374

500

Lincoln Front

Fr. 1376

500

Stanton Front

Fr. 1379

500

Dexter Front

FIFTH ISSUE

VALUE

DESCRIPTION

Fr. 1265

100

Meredith Front

Fr. 1308

250

Walker Front

Fr. 1381

500

Crawford Front

126

Appendix II - Type Set 1

Sherman and Grant Specimen

Fr. 1272 sp Front 150 Narrow Margin, Printed Signatures

Fr. 1272 sp Back 150 Green Back Narrow Margin

Images of the Civil War.

Right: Union soldiers relax between
host/lites.

Below: Lincoln meets with his
generals atAntietam.

Fractional Currency Issued per treasurer's report to the Secretary of
the Treasury, Fiscal Year ended: 6/'$o/\&y6

First Issue

Totals:

Second Issue

TOTAL VALUE OF TOTAL NUMBER NUMBER OF * OUTSTANDING *
VALUE NOTES PRINTED OF NOTES ISSUED NOTES REDEEMED NOTES AS OF 1884

5 cents
10 cents
25 cents
50 cents

$2,242889.00

$4,115,378.00

$5,225,696.00

$8,631,672.00

£20.215.635.0(

44.857.780

41.153.780
20,902,784
17,263,344

124.177.688

K86.115.028.80

50 cent Justice

401.018.154

9,737,135**

52,866,690**

24,294,805

28,717,033

16,548,057

15,324,006

84.883.901

379.648.979

20,562,975

12,436,747

4,354,727

1,939,338

39.293.787

5 cents

$2,794,826.10

55,896,522

41,927,846

13,968,676

10 cents

$6,176,084.30

61,760,843

52,641,961

9,118,882

25 cents

$7,648,341.25

30,593,365

27,613,180

2,980,185

50 cents

$6,545,232.00

13,090,464

11,590,610

1,499,854

Totals:

$23,164,483.65

161.341.194

133.773.597

27.567.597

Third Issue

3 cents

$601,923.90

20,064,130

17,056,014

3,008,116

5 cents

$657,002.75

13,140,055

10,493,156

2,646,899

10 cents

$16,976,134.50

169,761,345

159,258,185

10,503,160

15 cents

$1,352.40

9,016

5,503

3,513

25 cents

$31,143,188.75

124,572,755

120,972,413

3,600,342

50 cents

$36,735,426,50

73,470,853**

71,863,708

1,607,145

21.369.175

50 cent Spinner I
50 cent Spinner II

10,868,028**

Appendix III - Quantity of notes Issued

FACE

VALUE

VALUE OF
NOTES PRINTED

NUMBER OF
NOTES ISSUED

NUMBER OF *
NOTES REDEEMED

OUTSTANDING *
NOTES AS OF 1884

Fourth Issue

10 cents

$34,940,960.00

349,409,600*

335,678,710

13,730,890

15 cents

$5,304,216.00

34,361,440**

33,100,270

2,261,170

25 cents

$58,922,256.00

235,689,024

231,600,400

4,088,624

Lincoln

50 cents

$9,576,000.00

19,152,000

Stanton

50 cents

$43,024,000.00

86,048,000

Dexter

50 cents

$24,799,600.00

49,599,200

Total

50 cents

$77,399,600.00

154,799,200

152,666,972

2,132,228

Totals:

$176,567,032.00

775.259.264

753.046.352

22.212.912

Larae Seal

Small Seal

179,097,600**

170,312,600**

27,240,040*** ****

8,121,400***

Fifth Issue

10 cents

$19,989,900.00

199,899,000

195,058,283

4,840,717

25 cents

$36,092,000.00

144,368,000

142,030,930

2,337,070

50 cents $6,580,000.(

First through
Fifth Issue

ssl

357,427,000

total number

OF NOTES ISSUED

1,819,223,300

349,883,477

7,543,523

TOTAL NUMBER OF
OUTSTANDING
NOTES AS OF 1884

117,997,99?***

* Information on notes redeemed and outstanding, were taken from the book: “United States Paper Money”, by George
Blake, 1908.

** This data supplied by Waiter Breen.

*** This data supplied by Waiter Breen.

**** Number of notes outstanding as of 1884represents less than 10% of total notes issued.

The Act of April 17, 1876, directing that Fractional Notes be redeemed with silver coins.

129

Appendix III - Quantity of notes Issued

Specimen Notes issued

FIRST ISSUE

VALUE

NUMBER OF SPECIMENS

5 0

43,560

100

67,560

25 0

62,688

500

43,488

SECOND ISSUE

VALUE

NUMBER OF SPECIMENS

18,000

100

18,000

250

18,000

500

18,000

THIRD ISSUE

VALUE

NUMBER OF SPECIMENS

21,000

100

31,500

150

54,250

250

25,800

500

50,584

130

Glossary

Bleaching

Burn Holes:
Centering

CSA Paper

CHCU

Cleaning

Crease

Embossing

Fr.#

Gem

Margins

Almost Uncirculated. Notes that only have one
fold or a couple of corner-tip folds.

Processing of a note with a diluted amount of
bleach. Used to artificially brighten notes.
Unfortunately, this damages the notes and they
will always look and smell bleached.

See “Ink Burn”.

Refers to the margins on a note both front and
back. A note with perfect margins would look
as if the design of the note was in a picture
frame.

Paper that was to be used for Confederate States
of America bank notes, captured by Union ships
and used for printing some Specimen Fractional
Currency notes.

Choice, Crisp, Uncirculated. A new note, but
not quite Gem. Centering may be just a little
off, e.g. three good margins and one close
margin.

Crisp, Uncirculated. No signs of circulation, no
folds. May have counting signs or wrinkles.

Washing or removing dirt stains or writing.

Slight tears where a note has been folded,
possibly even a separation of the paper fibers on
the line where the note has been folded.

Indented or raised paper made from printing
pressure on the lettering or other part of the
design. Can also be ink above the surface of the
note.

The most widely used currency numbering
system known as the Friedberg System and
Developed by Robert Friedberg.

Fine. A note with more than six folds. Little, if
any, crispness will remain.

Gem crisp uncirculated. An almost perfect note.
Better than average margins with good centering
on both sides. Will have no folds, bends or
wrinkles, pinholes or toning.

The paper border from the design of the note to
the edge of the note.

131

Glossary

MILT#

Numbering system for Postage and Fractional
Currency developed by Milton, R. Friedberg.
The only system to number every different note
of Postage and Fractional Currency.

Ink Burn

A hole in a note caused by an excess of acidic
ink.

KL#

A numbering system for Fractional Currency
used by Krause Publications, named for Chester
L. Krause and Robert F. Lemke.

Pinholes

Small, pin-sized notes in the note, caused by
staples of from being pinned to a board or other
notes.

Sheet Position Letter

Sheet Position Number

Sheet Position Indicator

On some third issue notes, the position of the
note on the sheet. See illustration, page 60.

Sleeper

Notes that are underpriced compared to their
rarity.

Specimen

Notes printed only on one side, from adopted
designs not intended for circulation.

Toning

The aging of paper. Characterized by a light
brown or yellowing appearance. Caused by too
much exposure to light or sometimes chemicals.

Trimming

Cutting paper off a note (mostly wide-margin
specimens) to hide or get rid of a fold or some
other defect.

Very Fine. A circulated note that will have four
to six folds.

Vignette

Portrait or picture. On Fractional Currency, it is
on the front of the notes.

Watermark

A translucent design or letters pressed into the
paper during manufacture, mostly visible when
backlit (held up to the light).

Very Good. A well-worn note. Will have many
folds, most are well soiled. It may also have
small tears, pinholes or other signs of use.

Extra Fine. A circulated note that will have two
or three folds.

132

Bibliography

Blake, George H.: United States Paper Money, 1908.

Breen, Walter: “History of the Fractional Currency Specimen
Sets”, The Numismatic Scrapbook Magazine, January and
February Issues, 1964.

_ Fractional Currency articles, Numismatic News Weekly,

July 18, July 25, August 15, September 19, September 26,
1972.

Carothers, Neil: Fractional Money, 1930.

Christoph, Art and Krause, Chet: “United States Postage
and Fractional Currencys”. A reprint from (The Mimismatic
News”, 1958.

Friedberg, Milton: The Encyclopedia of United States Frac¬
tional and Postage Currency, 1978.

Friedberg, Robert: Paper Money of the United States, 16th.
Edition, 2001.

Heath, Laban: Heath’s Infallible Counterfeit Detector, 1870.

Limpert, Dr. F.A.: United States Postage and Fractional
Currency, 1946.

_ Classified List of Postage and Fractional Currency,

1947.

Reinfeld, Fred: The Story of Civil War Money, 1959.

Rothert, Matt: A Guidebook of United States Fractional
Currency, 1963.

Schultz, Walter F.: Schultz’s Checking List of Fractional
Currency, 1962.

Tebben Gerald: “Paper money use flourished during Civil
War hardships”, Coin World, March 29, 1993.

United States Department of the Treasury: History of the
Bureau of Engraving and Printing, 1962.

Valentine, D.W.: Fractional Currency of the United States,
Volumes One and Two, 1924.

133

Auction Catalogs and Retail List

American Auction Association: Auction Catalog, Matt
Rothert Sale, November 16-17, 1973.

Chapman, S.H. and C.: Auction Catalog, C.S. Wilcox Sale,
November 6-7, 1901.

Currency Auction of America: Auction Catalog, Wayne
Liechty Sale, January 7, 1994.

Currency Auction of America: Auction Catalog, Martin
Gengerke Sale, January 6, 1995.

Currency Auction of America: Auction Catalog, Milton
Friedberg Sale, January 10, 1997.

Currency Auction of America: Auction Catalog, Michael
Marchioni Sale, January 7, 2000.

Denly, Tom: List, Bank Note Reporter, July, 2001.

Glazer, Len: List #8, 1976.

Kosoff, A.: Auction Catalog, M. Burgett Sale, at ANA, 1958.
Kravitz, Robert J.: List #1, Rob’s Coins and Currency, 7976.

_ List, Rob’s Coins and Currency, June, 2000.

_ List, Rob’s Coins and Currency, June, 2001.

Merkin, Lester: List #4, 7963.

_ Auction Catalog, Wayne Raymond Sale, October 6,

1972.

_ Auction Catalog, Isadore Merman Sale, September 12,

1974.

NASCA: Auction Catalog, Rocky Holt Sale, September 12,
1981.

Stack’s: Auction Catalog, Dr. Frank A. Limpert Sale, Septem¬
ber 24, 1955.

Stack’s: Auction Catalog, Alan May Sale, May 6, 1992.

Stack’s: Auction Catalog, Herman Halpern Sale, March 17,
1993.

134

Currency Shows

One of the best ways to see and learn about Fractional Cur¬
rency is at paper money and large coin shows. You can see the
notes before you buy them, and you can choose from many
different notes, dealers and prices. You can also meet the
currency dealers in person, and more importantly, meet other
collectors who share your interests.

Currency Collector’s Shows
In Chronological Order:

The F.U.N. (Florida United Numismatics) Show.

Location: Orange County Convention Center

Orlando
Florida.

Dates: Second weekend of January.

Information: Cindy Grellman
P.O. Box 951988
Lake Mary, FL 32795-1988
Tel: 1-407-321-8747 • Fax: 1-407-321-5138

Comments: Many of the over three hundred paper money
dealers in the U.S. attend this show. Major
currency auction on Thursday, Friday and Saturday nights are
always exciting.

The C.P.M.X. (Chicago Paper Money EXPO)

Location: Holiday Inn O’Hare

5440 North River Road

Rosemont

Illinois.

Dates: Last weekend of February.

Information: Kevin Foley
P.O. Box 573
Milwaukee WI 53201

Tel: 1-414-423-0343 • Fax: 1-414-423-0343

The A.N.A. (American Numismatic Association) Early
Spring and Late Summer Shows

Location: Check with office for locations.

135

Currency Shows

Dates: Spring Show, usually end of April

Summer Show, usually end of July
(Check with show office for exact dates.)

Information: Brenda Bishop

Tel: 1-719-632-2646, Ext. 168

Memphis International Paper Money Show

Location: Cook Convention Centre

255 North Main Street
Memphis
Tennessee

Dates: Second weekend of June

Information: Mike Crabb

P.O. Box 17871
Memphis, TN 38187

Comments: This is the most important paper money show with
over two hundred exhibits. It has been held every year since
1977. Currency auctions held on Friday and Saturday nights.

National and World Paper Money Show

Location: St. Louis Hilton Airport Hotel

10330 National Bridge Road
St. Louis
Missouri

Dates: The weekend before Thanksgiving in November

Information: Kevin Foley
P.O. Box 573
Milwaukee WI 53201

Tel: 1-414-423-0343 • Fax: 1-414-423-0343

Comments: This show is sponsored by the P.C.D.A.
(Professional Currency Dealers Association) and usually has
between 100-150 dealers. Auctions are held on Friday and
Saturday nights.

136

Index

ABCO monogram. 42
ABNCO monogram 16
Allison and New 66

Allison and Spinner 27, 66
American Auction Association 134
Antique Roadshow 6
AU (grade) 4, 131

Confederate paper 28
counterfeit 27, 114 ff.

Crawford note xxi, 83
Crawford, William Harris 30
CU Crisp Uncirculated (grade) 3
Curl Test, The 6

Currency Act of April 17, 1876 15
Currency Auctions of America 134
currency collector’s shows 135
Currency Grading and Certification Inc. xiv, 2

Banknote Reporter xxi
Battle of Champion’s Hill 16
Black Hawk Indian War 32
Blake, George H. 133
Bleaching (see Processing) 131
blockade-runner 28
Bolin, Benny 120
Boston 12
Boyd, F.C.C. 18
Breen, Walter 133
bronzing (green is inferior) 44
Brown Seal notes 26
Buchanan, James 33
Bull Run (battle of) xx
burn holes 131

Dandridge, Martha (Washington) 34

Davis, Jefferson 32

deep embossing 65

Denly, Tom 134

Dexter, Samuel 27, 30

Double denomination errors 120

eBay 2

Embossing 6, 131
Embossing of Seal
see Treasury Seal 79
Errors 1
Ethics 6

Experimental notes 112

C.S.A. watermark 29
captured paper 28
Carothers, Neil 133
Centering 4, 131
Chapman, S.H. 134
CHCU Choice Uncirculated (grade)
xxi. 3, 131
Christoph, Art 133
Civil War tokens 11
Clark, Spencer M. 20, 30
Clark, William 20
coin dealers (mistakes) 124
Colby signatures 113
Colby and Spinner 23, 66
Collins, B.F. 25
Color (of notes) 4
Common (rarity) 7
Confederate Bonds 34
Confederate currency 124
Confederate States 28

F Fine (grade) 4, 131
Faces on the Notes 30
Father of Fractional Currency 33
see Spinner

Fessenden, William Pitt 31
fiber paper (double denomination) 120
fiber paper note 44
Fifth Issue 15
Fifth Issue (details) 27 f
Fifty Cent - Third Issue
see Justice Notes 22
see also Spinner
Fifty Cent Second Issue 19
First Bank Notes 12
First Issue 13
First Issue (detail) 15
Five Cent Second Issue 17
Five Cent Third Issue 20
flourishes 114
Fourth Issue 15
Fourth Issue (details) 26

137

Index

Fourth Issue 500 Notes 27

Fourth Issue Twenty-Five Cents 27

Fr. # (Friedberg Number defined) 37, 131

Fractional Currency Collectors Board xxi

Fractional currency errors 120

Friedberg, Milton 37, 133

Friedberg, Robert 133

Friedman collection 66

Gault, John 12

GEM (grade) xxii, 3, 131

Gettysburg xx

Grades Above GEM 3

Grant and Sherman 113

Grant, Ulysses S. 31

Green Back notes 21, 22, 25

Green Back Spinner 25

Greensheet 124

Guide to Rarity 7

Gutter fold errors 121

Halpern sale 18
Hand Signed Notes 8
Harvard College 30
Heath, Laban 133
House of Burgesses 34

Inflation (in the North) 11
Ink Burn 132
Inverts 120

Jefferson, Thomas 30, 32
Johnson, Andrew 115
Justice note xxi, 113, 124
Justice note variations 22-23, 64

KL# 38, 132
Kosoff, A. 134
Kravitz, Robert J. 134

Limpert, Dr. F.A. 133
Lincoln, Abraham 32
Lincoln notes 27, 78

March to the Sea
See Sherman 33
Marchioni, Mike 2
Margins 131

Memphis Paper Money Show 29
“Mercedita" Steamer 29
Meredith, William Morris 32
Mexican War 33

MILT# Friedberg system) 37, 132
Misalignments 120
Missing Seal (error) 121
Mohawk Valley Bank 33
Mylar covers 37

Nassau, Bahamas 28
National Currency Bureau
see Spinner 33
needle holes (bundles) 118
New Salem, Illinois 32
New York City banks 11

Order of Issue 13

Paper Money (magazine) 120

Paper Types 17

perforation quality 4, 39, 40

pinholes 80

position indicators 124

Postage Currency xix, 29

Postage Currency Bill of 1862 (law) 13

Presentation Books 115,125

price guide 1-2

Pricing (def.) 7

Processed Notes

see bleaching 5, 78

Professional Currency Dealers Association 37

proof notes 115

Public Specimen Sets 29

Lemke, Robert 38
Lightbulb Test 6

138

Index

Raymond, W 18
red seal 28
Reinfeld, Fred 133
Rothert, Matt 18,133

Schultz, Walter F. 133
Seal, Blue and size of seal 77
Second Issue 14
Second Issue (Details) 16
Sheet Position Indicators 132 ff
Sherman, General William 33
Shields 113
Shiloh xx, 33

Sleeper def. 1, 55, 124, 132
smearing (example) 53
Smithsonian Institute xxii
Specimen Notes 2, 125, 132
Spinner, Francis Ellis (General)

13, 22, 33, 133

Stanton, Edwin McMaster 33

Tebben, Gerald 133
Ten Cent Second Issue 18
Ten Cents Fourth Issue 26
Ten Cents Third Issue 21
The “Bermuda” 28

The Society of Paper Money Collectors. 120

Third Issue 14

Third Issue (Detail) 19

Three Cent Third Issue 19

Toning 132

Trimming 132

Twenty-five Cent Third Issue 21
Twenty-five Cent Second Issue 18

Union Fractional Notes 124
University of Virginia 32
Update Information 143

Valentine, D.W. 133
Valuations (techniques) 7
VC Very Common (rarity) 7

Very Rare (rarity) 7
Very Scarce (rarity) 7
VF Very Fine (Grade) 4, 132
VG Very Good (Grade) 4, 132
Vignette 132

Walker, Robert 28
Washington, D.C xxii,12, 113
Washington, George 30, 34
Watermarks 27, 76, 132
Wilcox Paper Company 26

XF Extra Fine (grade) 4, 132

139

Index of Advertisers

Dave Berg.Inside Back Cover

P.O. Box 348

Portersville, PA 16051

Tel: 1-724-452-4586* Fax: 1-724-452-0276

Cashman’s “RARE” United States Currency.145

Tel: 1-805-579-0339

Currency Auctions of America. XI

100 Highland Park Village, 2nd. Floor

Dallas, TX 75205-2788

Tel: 1-800-872-6467* Fax: 1-214-443-8425

Currency Grading and Certification.146

10645 N. Tatum Blvd., Suite 200, pmb 638
Phoenix, AZ 85028

Tel: 1-602-493-4758 • Fax: 1-602-494-9103

Denly’s of Boston.I

P.O. Box 51010
Boston, MA 02205

Tel: 1-617-482-8477 • Orders Only: 1-800-HI-DENLY

Early American History Auctions.Inside Front Cover

P.O. Box 3507

Rancho Santa Fe, CA 92038

Tel: 1-858-759-3290 • Fax: 1-619-374-7280

Fractional Currency Collector’s Board.143-144

C/O Bill Brandimore, Membership Chairman
610 Fifth Street
Wausau, WI 54401

Al Glaser.87

Tel: 1-760-787-1403

Kagin’s.Back Cover

98 Main Street
Tiburon, CA 94920

Tel: 1-888-8KAGINS • Fax: 1-415-435-1627

James Polis.44

4501 Connecticut Ave., N.W., #306
Washington, DC 20008
Tel: 1-202-363-6650

Rob’s Coins and Currency. XVII

P.O. Box 303
Wilton, CA 95693
Tel: 1-916-687-8711

140

141

142

Update Information

For an annual update to this book,
including news and
special price lists, send
$10.00 to:

Arkives Press
Box 46

Wilton, CA 95693
Be sure to include your name,
street address, telephone number
and E-mail address.

143

144

FIRST ISSUE NOTES

Please note: typicalcolorshades will vary.

Fr 1229. Tan. Perforated. 50

MWTAIIK

^'ft.y/snru (> -

cvmxacr :7t

PnsV&s-
-I'liSTOff 1

Fr. 7240. Green. Perforated. 100

SECOND ISSUE NOTES

Fr. 7234. Tan. 50

Fr 7240. Green. 700

Fr. 7270. Tan. Perforated. 250

Fr. 1311. Green. Perforated. 500

Fr. 1290. Purple. 250

Fr. 1322. Reddish. 500

THIRD ISSUE NOTES

Fr. 1227. 30. Front.

Fr. 1236. 250. Red Back.

Fr. 1227. 30. Back.

Fr. 1239. 250. Green Back.

“IJEV f/Nr-

JZfFX KniutiuHiiilr for
JjSSiL / ’mini . S lir/r.i. \ r/lrn

^ ^LPa iy. \xnixtmilTmmqrm X-
' Hmitiunlnlbrjmgiliirux oflhr ~*y

/ mini. Sintra in rnnux not U.i.i l/um Jlurrflollr
V IlnriitiHr in nnuinml of all , _ A

dun to Ihr Jjmnt

P'/P Iran limn fhr //ollnrs. ®
'.MM fctrrjil limlomn. AVSt^U

') X/h/tx.'

/ 1 /nJ/xxistnHWi A

m/l/ilS&mtxi/t Sn
iltnrrf/i/n/IrlltirA
. twfmj tfnni/yiijt

ni/T/n/TfSk

mrrimMr

my^/ln

v/t/ttf/tssi/m)

Fr. 1291. 250. Red Back.

Fr. 1252. 100. Red Back.

Fr. 1297. 250. Green Back.

Fr. 1324. 250. Red Back.

Fr. 1328. 500. Front, with bright bronzing, autographed signatures.

FOURTH ISSUE NOTES

Fr. 1261. 100. Front, blue end.

Fr. 1269. 150. Front, blue end.

Fr. 1303. 250. Front, blue end.

Fr. 1379. 500. Front, green seal.

Fr. 1264. 100. Front, green seal.

Fr. 1265. 100. Front, red seal.

FIFTH ISSUE NOTES, CONT’D.

Fr. 1309.250. Front, red seal.

Fr. 1381. 500. Front, red seal.

GRANT/SHERMAN NOTES, 15^

Fr. 1273-5. Redback.

Fr. 1272. Green back.

SPECIMENS

Fr. 1244. 100. Green back.

Fr. 1283. 250. Purple back.

Fr. 1314. 500. Red back.

EXPERIMENTAL

2E50R.3. 500. Red back.

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COINS & CURRENCY

KICK AL1AXD • P.C.D.A. S.P.M.C. A.M.A.

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32), 493^4/58

• LARGE SIZE

• SMALL SIZE

• FRACTIONAL

• OBSOLETE

• ERRORS

• MPC

THINKING OF SELLING?

Collectors: A Few Duplicates Or Your Entire Collection
Dealers: An Overstocked Item Or Your Entire Inventory

I’M 0 BUYER

I’ll Buy It All, Any Amount Large Or Small

Especially Need 1st and 2nd Charter National Bank Notes.
Paying Well Over “Greensheet” Prices.

Ship your notes via insured or registered mail for our same day check. Your notes will be held intact, if you don’t like our offer
(I can’t imagine that happening) simply return the check and your notes will be returned at our expense. Its really that easy.

IN OUR 30TH YEAR...

DAVE BERG, LTD.

PO. Box 348 • Portersville, PA 16051
Immm Phone: 724-452-4586 • Fax: 724-452-0276

E-Mail: davbergltd@aol.com 1

• J

Kagin’s — an established name for conservative grading of quality notes

We specialize in building U.S. currency collections of premium quality
and rare notes. Favorable terms to suit your individual needs.

Kagin’s

98 Main Street, #201
Tiburon, CA 94920
Toll Free: 1-888-8KAGINS
Tel: (415) 435-2601 Fax:
(415)435-1627-
www.kagins.com

E-Mail:

kagins @ earthlink.net

Life Member

ISBN 0-918501-46-6

9 78091S 501462

5 2999 >

$29.99 U.S.

$41.85 CAN

pfbud to continue the numismatic legacy begun in 1933
Specializing in Quality and Rare U.S. Currency

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Full text of "A Collector's Guide to Postage & Fractional Currency"

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